NIGERIA – ARM Labs, a Lagos-based innovation program focused on helping fintech start-ups has partnered with global accelerator and investment firm Techstars to launch a start-up accelerator program in Lagos.
The new accelerator program, ARM Labs Lagos Techstars Accelerator Program will focus on investing in early-stage fintech and proptech companies based in Africa.
Founded in 2006, Techstars provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs.
The firm has so far invested in more than 3,000 companies with a combined market cap of more than US$172 billion.
The new program furthers Techstars’ mission to support entrepreneurs everywhere and give start-ups the advantages they need to succeed, regardless of their location or background.
The ARM Labs Lagos Techstars Accelerator will receive applications from May 9 until July 27th, with up to 12 start-ups selected on an annual basis to participate in the program and benefit from up to US$120,000 in funding.
The selected start-ups also benefit from curated start-up programming, and access to Techstars’ vast network of more than 7,000 mentors, over 20,000 investors, alumni, and corporate partners.
The program’s inaugural class will commence in November and culminate in a demo day in February 2023.
The program that has been chosen to operate in Lagos is the result of the growing global relevance of Nigeria’s start-up ecosystem.
Global venture capital investment data shows Lagos is one of the fastest-growing ecosystems worldwide and the number one African start-up city as of 2021.
“Lagos has built a successful start-up ecosystem that merits more global exposure, investments, and resources, and we see extraordinary potential in the market,” said Nancy Wolff, general manager at Techstars.
“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 start-up ecosystem.”
Techstars has been active in the African tech space since 2011, hosting more than 400 Techstars Startup Weekends across 40 countries, and operating the Barclays Accelerator Powered by Techstars Cape Town in 2016 and 2017.
Through its other programs, it has invested in 14 Nigeria-based startups like Healthtracka, FarmCrowdy, and Rent Small.
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