Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, has partnered with ARM Lab, a Lagos-based innovation program to launch ‘ARM Labs Lagos Techstars Accelerator.’
According to a press release seen by Nairametrics, the accelerator program is expected to focus on investing in early-stage fintech and proptech companies based in Africa and will receive applications from June 2022 through August 2022.
Similarly, the development is expected to see up to 12 startups be selected on an annual basis to participate in the program and benefit from up to $120,000 in funding as well as other opportunities such as curated startup programming, access to Techstars’ vast network of mentors, investors, alumni, and corporate partners.
What they are saying
According to data by Global venture capital investment, Lagos is one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021, hence the reason the accelerator was located in the city.
Speaking about the development, Nancy Wolff, general manager at Techstars said, “Lagos has built a successful startup ecosystem that merits more global exposure, investments and resources, and we see extraordinary potential in the market.
“Techstars has been investing in Nigerian and African startups for years, and through our partnership with ARM Labs we look forward to bringing the value and reach of the Techstars’ global network to the increasingly prominent Nigerian startup ecosystem.”
Jumoke Ogundare, CEO of ARM said, “Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways. Our partnership with Techstars is the logical next step in propelling the African continent to become the future global capital of fintech and transform how Africans access financial services.”
What you should know
- Techstars was founded in Boulder, Colorado, but has been active in the African tech space since 2011.
- ARM is a Nigerian diversified and integrated asset management group firm that offers wealth creation solutions and opportunities using a blend of traditional asset management as well as alternative investment services to retail, high net worth and institutional investors.
- The program’s inaugural class will commence in December 2022 and culminate in a Demo Day in March 2023.