Techstars announces Lagos accelerator

The initiative, held in partnership with Lagos-based innovation enabler ARM Labs, forms part of Techstars’ mission to support entrepreneurs and startups regardless of their location or background. It adds to Techstars’ growing array of accelerators, including Techstars Music, which invests in founders using technology to solve the music industry’s most pressing problems, innovate the future of music, and support the cultures surrounding it.

“Lagos has built a successful startup ecosystem that merits more global exposure, investments and resources, and we see extraordinary potential in the market,” Techstars general manager Nancy Wolff said. “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.”

Since 2011, Techstars has maintained a presence in the African tech space and says the decision to expand to Lagos is based on global venture capital investment data, which points to the city as among the fastest-growing ecosystems in the world.

“Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways,” ARM CEO Jumoke Ogundare said. “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.”

Applications for the ARM Labs Lagos Techstars Accelerator will take place from June to August. It will see up to 12 startups selected annually. They will benefit from up to $120 000 in funding, curated startup programming and access to Techstars’ vast network of mentors, investors, alumni and corporate partners. The programme’s inaugural class will commence in December 2022 and culminate in a Demo Day in March 2023.

Startups are encouraged to learn more about the ARM Labs Lagos Techstars Accelerator Programme here.

Meanwhile, in 2022, Techstars Music will provide a hybrid of remote and in-person programming, with applications due to open in July. Techstars also announced this week the 10 startups as part of its 2022 cohort. They include music fintech firm Green Room, music dating app Beatmatch, mentor-matching platform Brij, podcasting app Clever·fm and AI-powered avatar-creation startup Circle Labs.