12 startups will join Techstars’ pan-African accelerator programme in the second cohort, which runs in conjunction with ARM Labs, an innovation programme based in Lagos.
The inaugural programme of the ARM Labs Lagos Techstars Accelerator was a smashing success, and the programme will continue to support entrepreneurs who are making a difference in Africa and beyond.
After reviewing more than a thousand applications, the class of 2023 will implement tech-enabled solutions in a wide range of Sub-Saharan African industries. In charge of the accelerator’s sourcing and selection was Oyin Solebo. As a result, a screening committee was formed, which included Techstars directors, ARM executives (Jumoke Ogundare, Sadiq Mohammed, Wale Odutola, Uche Azubuike, and Ina Alogwu), and a few invited seasoned investors (Nneka Eze of Vested World, Maya Horgan Famodu of Ingressive Capital, Olumide Soyombo of Voltron Capital, and Dotun Olowoporuku of Ventures Platform).
In its first year, the programme catered mostly to FinTech and PropTech companies. However, this year, it widened its focus to include entrepreneurs making a global impact through the use of data, technology, and intelligence to meet the needs of a rapidly expanding global population in terms of size, youth, income, and internet access. Future of Work, HealthTech, FinTech, Logistics, E-commerce, and Renewable Energy are some of the sectors that have received investments. There is at least one female co-founder on four of the teams in this cohort, and the firms are based in East Africa, Ghana, and Nigeria.
Startups participating in the 14-week programme will receive up to $120,000 in funding from Techstars, in addition to over $400,000 in cash equivalent hosting, accounting, and legal help, and other incentives totalling over $5 million. To guarantee a steady flow of follow-up funding as the chosen entrepreneurs expand, they will also get individualised mentoring, first-rate assistance in developing their businesses, access to Techstars’ global network for life, and targeted meetings with potential investors. When founders work with ARM Labs, they gain access to ARM’s local network, research, insights, and financial consulting knowledge that spans decades.
Here are the companies that have been selected, listed alphabetically:
- 24Seven, founded by Olufemi Idowu, is an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery
- Beauty Hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app. It is founded by Subuola Oyeleye
- Eight Medical, by Dr Ibukun Tunde-Oni, is an end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less
- GetEquity facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes. It is founded by Jude Dike, Temitope Ekundayo and Chigozirim Ugochukwu
- JumpnPass, by Tunde Ademuyiwa and Qudus Quadry, is a mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items, and skip long queues
- One Plan helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance coverage. It was founded by Harold Awuah-Darko.
- PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy. The company was founded by Ayodeji Alaran
- PressOne Africa provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring. It is led by Mayowa Okegbenle, Opeyemi Shokunbi and Unoma Adeyemi
- Rana democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators. The company is founded by Abraham Mohammed and Mubarak Popoola.
- Surge Africa, founded by Kumar Shourav and Ebrahim Essop, allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80% less in fees
- Swoove empowers logistics companies in emerging markets to digitise and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network. It is led by Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo and Kevin Blankson
- Veend, founded by Olufemi Olanipekun and Ebenezer Ajayi, enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.
“The wealth of talent, innovation, and ingenuity that can be found within the African tech ecosystem truly showcases, and perhaps also epitomises our second cohort,” said Oyin Solebo, managing director of ARM Labs Lagos Techstars Accelerator. Following the completion and success of the first cohort, it seems fitting to assist this group in realising their maximum potential. To develop sustainable enterprises in today’s market, founders require a mix of financial backing, technical help, and networking opportunities. It is our pleasure to be able to offer all-encompassing assistance over this whole range.
Along with the Techstars programme, the cohort has the opportunity to meet with prominent figures in the African IT ecosystem who will mentor them and provide them with tailored services to help them succeed. The following individuals are considered experts in their fields: Tunde Kehinde, founder and CEO of Lidya; Bode Abifarin, chief operating officer of Flutterwave; Tingting Peng, chief capital and strategy officer of Move; Kevin Simmons, partner of LoftyInc; Lola Esan, partner of EY; and Yischai Beinisch, head of Shell Energy Europe and Africa’s West Africa division.
An invitation-only Demo Day where founders present their work will take place on February 22, 2024, to wrap up the programme.
To register or for more information visit the website.
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