• Tuesday, July 16, 2024
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ARM Labs earmarks $50,000 as seed funding for startups

ARM Labs earmarks $50,000 as seed funding for startups

Determined to support Nigeria’s promising startups and entrepreneurs, ARM Labs has earmarked over $50,000 that would be given to new startups as seed capital to fund their business ideas.

The company, through the fifth edition of its Innovation Programme, will not only help in building an ecosystem for startups but also support entrepreneurs.

Over the previous four editions, a host of notable Nigerian startups have received support from ARM Labs and they include Trove, Rise, Keble, Trade Lenda, Regxta and others.

Jumoke Ogundare, chief executive officer of ARM, said the fifth edition of the ARM Labs Innovation Programme has been expanded to accommodate FinTech, PenTech, Data Intelligence, and Digital Trade startups.

Ogundare said that the selected startups will receive funding of up to $50, 000, together with access to modern office space, mentorship from experienced industry players and connections to investor networks.

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Ogundare said ARM Labs, through the programme, has invested over $400,000 in startups and mentored over 150 founders through the ecosystem.

According to the ARM Labs CEO, through the support programme, some startups have secured coveted spots in prestigious accelerators such as Y Combinator and TechStars.

“We are excited to witness the impact the 5th Cohort of the ARM Labs Innovation Programme will have on Nigeria’s startup ecosystem. By supporting promising startups, we are simultaneously supporting innovation while investing in the future of Nigeria,” Ogundare said.

She further said the programme represents a unique opportunity for Nigeria’s brightest and most innovative minds to showcase their potential and significantly impact the economy, adding that the application window is now open for interested applicants till June 15, 2023.

ARM, established in 1994, is a leading investment management firm that provides a wide range of wealth management services to a substantial and diversified client base, including corporations, foundations and charities, high net-worth individuals, and small savers.