Techstars has announced its second cohort of 12 companies to participate in its accelerator programme in partnership with Lagos-based innovation programme, ARM Labs.
It stated that its 2023 cohort were selected from over a thousand applications. It noted that the 14-week immersive programme will see it invest up to $120,000 in funding in each startup as well as provide them with access to over $400,000 in cash equivalent hosting, accounting and legal support, and other benefits worth more than $5m.
In a statement, it stated that the selected startups will also receive tailored mentorship, company-building support, lifetime access to its worldwide network, and targeted interactions with prospective investors to ensure a continuum of follow-up capital.
It said by partnering with ARM Labs, founders will also get exposed to ARM’s local network, research and insights.
The firm declared, “For its first cohort, the program had initially focused on companies operating in FinTech and PropTech, but this year expanded to focus more broadly on entrepreneurs that are changing Africa and the world, by using technology, data, and intelligence to serve a population growing in size, youth, income, and digital access.
“Sectors invested in include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy, and Future of Work. The cohort comprises startups operating in Ghana, Nigeria and East Africa, and has four teams with at least one female co-founder.”
The selected companies included, 24Seven (founded by Olufemi Idowu), Beauty Hut (founded by Subuola Oyeleye), Eight Medical (by Dr Ibukun Tunde-Oni), GetEquity (founded by Jude Dike, Temitope Ekundayo, and Chigozirim Ugochukwu) JumpnPass (by Tunde Ademuyiwa and Qudus Quadry), One Plan (founded by Harold Awuah-Darko), PBR Life Sciences (founded by Ayodeji Alaran), PressOne Africa (led by Mayowa Okegbenle, Opeyemi Shokunbi, and Unoma Adeyemi).
Rana (founded by Abraham Mohammed, and Mubarak Popoola), Surge Africa (founded by Kumar Shourav and Ebrahim Essop), Swoove (led by Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo, and Kevin Blankson) Veend (founded by Olufemi Olanipekun and Ebenezer Ajayi).
The Managing Director, ARM Labs Lagos Techstars Accelerator, Oyin Solebo, commented, “Our second cohort truly showcases, and perhaps also epitomises, the wealth of talent, innovation, and ingenuity that can be found within the African tech ecosystem.
“Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort. The current market dynamics means that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum.”
Program Manager, Oluwadunni Fanibe, added, “Techstars’ tried and trusted model has been instrumental in building thousands of successful companies, all over the world. We are excited with the opportunity to implement this proven playbook of support, networks, knowledge base, experiences, technology, and data, on our 2023 cohort and are confident they can replicate the same notable successes of their local and global predecessors.”
