Techstars Accelerator has unveiled plans to invest a total of $1.4 million in 12 African startups, marking the initiation of its second cohort in collaboration with Lagos-based innovation program, ARM Labs. The 14-week immersive program will witness Techstars injecting up to $120,000 in funding into each startup, coupled with access to over $400,000 in cash equivalent hosting, accounting, legal support, and additional benefits exceeding $5 million.
As part of the program, the selected startups will receive tailored mentorship, company-building support, lifetime access to the Techstars global network, and targeted interactions with potential investors. The partnership with ARM Labs further exposes founders to ARM’s local network, research, insights, and extensive financial advisory expertise.
Oyin Solebo, Managing Director for the accelerator, emphasized the program’s commitment to supporting entrepreneurs driving change in Africa. The 2023 cohort, chosen from over a thousand applications, spans various sectors in Sub-Saharan Africa, reflecting the region’s tech-enabled solutions. The selection process involved a screening committee and seasoned investors, including representatives from Vested World, Ingressive Capital, Voltron Capital, and Ventures Platform.
While the first cohort focused on FinTech and PropTech, the 2023 program broadened its scope to encompass entrepreneurs leveraging technology, data, and intelligence to address the evolving needs of Africa’s growing population. The sectors invested in include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy, and Future of Work.
The selected startups, hailing from Ghana, Nigeria, and East Africa, include innovative ventures such as 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove, and Veend. The cohort features four teams with at least one female co-founder.
In addition to the Techstars-led program, the startups will benefit from mentorship sessions with notable experts in the African tech ecosystem, providing comprehensive guidance and specialized services to support their growth journey. Oyin Solebo affirmed that the second cohort exemplifies the wealth of talent, innovation, and ingenuity within the African tech ecosystem, expressing enthusiasm for providing comprehensive support covering financial assistance, technical expertise, and network access.
