Techstars launches in Lagos, to invest in African fintech and proptech startups

Techstars has launched the Lagos Techstars Accelerator Program in partnership with ARM Labs Lagos.  

The ARM Labs Lagos Techstars Accelerator will receive applications this June through August. Up to 12 startups will be selected on an annual basis to participate in the program and benefit from up to $120,000 in funding, curated startup programming, and access to Techstars’ vast network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners.

The program’s inaugural class will commence in December 2022 and culminate in a Demo Day in March 2023.

Why Lagos?

Nancy Wolff, general manager at Techstars said that "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." she stated.

According to a statement by the global accelerator, "the choice of Lagos, Nigeria for the location of this accelerator program is the result of the growing global relevance of Nigeria's startup ecosystem. Global venture capital investment data shows Lagos is one of the fastest growing ecosystems worldwide and the number one African startup city as of 2021."

Related: Lagos is among emerging hotspots for female fintech founders — Findexable

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.  

Similarly, through its other programs, it has invested in 14 Nigeria-based startups like Healthtracka, FarmCrowdy and Rent Small Small. A notable Nigerian Techstars alumnus is Onyeka Akumah, two-time Techstars founder and current Co-Founder and CEO of Treepz (formerly Plentywaka).

Also Read: 15 global startup accelerators accepting Nigerian startups

In 2017 Akumah participated in Techstars Atlanta while building his first startup FarmCrowdy. Two years later, his new venture Treepz, Nigeria’s first bus-hailing app, was selected for Techstars Toronto. Following Akumah’s participation in Techstars Toronto, Treepz expanded to operate in Ghana and Uganda, grew from 900 to 7,500+ bookings per day, and nearly tripled in employee size. To date the company has completed over 1 million bookings and raised $3 million in funding.

Recently, Techstars New York selected 12 African companies for its Class of Spring 2022. In our report, we hinted that Techstars Lagos is underway after we came across a job listing on Greenhouse seeking to hire a Managing Director, Techstars Lagos Accelerator.

This new program furthers Techstars’ mission to support entrepreneurs everywhere and give startups the advantages they need to succeed, regardless of their location or background. Learn more about the ARM Labs Lagos Techstars Accelerator.

Featured image source: Techstars