Techstars, an international investment firm that connects early-stage entrepreneurs with money, one-on-one coaching, and bespoke programming, has teamed up with ARM Lab, a Lagos-based innovation initiative, to develop the ‘ARM Labs Lagos Techstars Accelerator.’
According to a press release obtained by Rate Captain, the accelerator program will focus on investing in early-stage fintech and proptech startups operating in Africa, and applications will be accepted between June 2022 and August 2022.
Similarly, up to 12 startups will be chosen on an annual basis to participate in the program, which will provide them with up to $120,000 in funding as well as other benefits such as curated startup programming and access to Techstars’ vast network of mentors, investors, alumni, and corporate partners.
Lagos, according to data from Global Venture Capital Investment, is one of the world’s fastest-growing ecosystems and the number one African startup metropolis as of 2021, which is why the accelerator was established there.
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.”
Although Techstars is based in Boulder, Colorado, it has been involved in the African tech scene since 2011.
ARM is a Nigerian diversified and integrated asset management organization that provides wealth creation solutions and possibilities to retail, high net worth, and institutional clients through a combination of traditional asset management and alternative investing services.
The first class of the program will begin in December 2022 and end in March 2023 with a Demo Day.
