Techstars, a global investment firm that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, has partnered ARM Labs, a Lagos-based innovation company, to launch ‘ARM Labs Lagos Techstars Accelerator’ programme in Lagos.
A statement issued by the partners on the deal indicated that the accelerator programme would focus on investing in early-stage Africa-based fintech and proptech companies and that receiving application for participation in the programme will start from June 2022 through August 2022.
It is projected that the takeoff of the programme in the country would lead to the selection of at least 12 startups to participate and benefit up to $120,000 in funding on an annual basis.
In addition, the programme will enable the beneficiaries to explore other opportunities integrated in the programme such as curated startup programming, access to Techstars’ vast network of mentors, investors, alumni, and corporate partners.
Speaking on the partnership, general manager at Techstars, Nancy Wolff, said: “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, Wolff added.
Commenting, ARM’s Chief Executive Officer, Jumoke Ogundare, said: “Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways.
“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”, the CEO added.
