Techstars, an operational investor platform, has launched its Accelerator Program in Lagos in partnership with ARM Labs Lagos which aims to invest in African fintech startups.
The ARM Labs Lagos Techstars Accelerator, which is based in Lagos as the name suggests, will receive applications this June through August. This development will see up to 12 startups selected on an annual basis to participate in the program and benefit from up to $120,000 in funding. Further opportunities include access to curated startup programming as well as Techstars’ vast network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners.
Nancy Wolff, general manager at Techstars explained in a statement why Lagos was picked for this development. “Lagos has built a successful startup ecosystem that merits more global exposure, investments, and resources, and we see extraordinary potential in the market,” she says.
“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.”
This aligns with the data released by Global venture capital investment, which states that Lagos is one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021.
Jumoke Ogundare, Chief Executive Officer 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.”
Techstars launched in 2006 in Colorado, USA began operations in the African tech space in 2011 and has since invested in 14 Nigerian tech startups through its program including the likes of FarmCrowdy, HealthTraka, and Rent Small Small.