Techstars, a startup investor in Africa, has announced its second cohort of 12 companies to participate in its pan-African accelerator program in partnership with Lagos-based innovation program, ARM Labs.
Following its inaugural program, the ARM Labs Lagos Techstars Accelerator will build upon its commitment to helping entrepreneurs who are changing Africa and the world.
The 2023 cohort, meticulously selected from over a thousand applications, represents a diverse range of tech-enabled solutions across various sectors in Sub-Saharan Africa. The screening process was led by Oyin Solebo, the Managing Director for the accelerator, and a screening committee comprising directors at Techstars, executive leaders at ARM, and investors.
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Unlike the first cohort, which concentrated on Fintech and Proptech, this year’s program has broadened its scope to encompass a wider array of sectors, including Fintech, Logistics, E-commerce, Healthtech, Renewable Energy, and Future of Work. The 12 startups selected operate in Ghana, Nigeria, and East Africa, with a notable inclusion of four teams led by at least one female co-founder.
According to the organises, the 14-week immersive program offers selected startups significant support, including up to $120,000 in funding, access to over $400,000 in cash-equivalent hosting, accounting, legal support, and benefits exceeding $5 million.
“The startups will also receive tailored mentorship, access to the extensive Techstars worldwide network, and targeted interactions with potential investors, ensuring a continuum of follow-up capital as they grow,” they said.
The selected startups for the 2023 cohort include 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove, and Veend.
These companies operate in diverse fields such as asset-light marketplaces, beauty distribution, emergency medical services, investment aggregation, mobile self-checkout, financial planning, market data, communication platforms, solar subscriptions, cross-border transfers, logistics digitization, and on-demand funds access.
Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, expressed excitement about the diverse talents within the African tech ecosystem and highlighted the program’s comprehensive support, covering financial assistance, technical guidance, and network access.
The accelerator program also includes mentorship sessions with notable experts from the African tech ecosystem, providing comprehensive guidance and specialized services to support the growth journey of startups.
Ibukun Tunde-Oni, Founder of Eight Medical, acknowledged the program as a significant milestone for his company, emphasizing the invaluable learning experience and expressing anticipation for the next phase of business growth.
As the cohort embarks on this transformative journey, Techstars’ proven playbook, encompassing support, networks, knowledge base, experiences, technology, and data, is expected to pave the way for the startups to replicate the notable successes of their local and global predecessors.
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“Techstars’ tried and trusted model has been instrumental in building thousands of successful companies, all over the world. We are excited about 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,” Oluwadunni Fanibe, Program Manager added.
