Techstarsone of Africa’s most active startup investors, has announced the second cohort of 12 companies to participate in its pan-African accelerator program in partnership with the Lagos-based ARM Lagos innovation program.
After a successful inaugural program, the ARM Labs Lagos Techstars Accelerator will build on its commitment to helping entrepreneurs who are changing Africa and the world.
Driving The News
The 2023 cohort, selected from over a thousand applications, provides technology-enabled solutions across a range of industries in Sub-Saharan Africa.
Procurement and selection was done by the CEO for the accelerator, Oyin Solebo. It culminated in a screening panel that included fellow Techstars directors, ARM executive leaders – Jumoke Ogundare, Sadiq Mohammed, Wale Odutola, Uche Azubuike and Ina Alogwu. as well as selected invited experienced investors – Nneka Eze of Vested World, Maya Horgan Famodu of Ingressive Capital, Olumide Soyombo of Voltron Capital and Dotun Olowoporuku of Ventures Platform.
Details
For its first cohort, the program initially focused on companies operating in FinTech and PropTech, but this year expanded to focus more broadly on entrepreneurs who are changing Africa and the world, using technology, data and intelligence to serve a population that growing in size, youth, income and digital access. Sectors invested in include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy and Future of Work. The cohort includes startups operating in Ghana, Nigeria and East Africaand has four teams with at least one female co-founder.
The immersive 14-week program will see Techstars invest up to $120,000 in funding to each startup as well as providing them access to above Host $400,000 in cash, accounting and legal support and other benefits valued at over $5 million. Selected startups will also receive personalized mentoring, world-class company-building support, lifetime access to the global Techstars network, and targeted interactions with prospective investors to ensure ongoing follow-on capital is available as they grow.
By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and knowledge, and ARM’s long-standing financial advisory expertise.
Selected cohorts
The companies selected are, in alphabetical order:
- 24 Sevenfounded by Olufemi Idowu, is a marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour home delivery
- Beauty hut leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, through its e-commerce online store and mobile app. Founded by Subuola Oyeleye
- Eight Medicinesof Dr. Ibukun Tunde-Oni, is an end-to-end platform that connects users in need with emergency medical resources (such as hospitals, ambulances, staff, information and credit), reducing waiting times from an average of 3 hours to 10 minutes or less
- GetEquity facilitates access to investment opportunities from SEC-accredited providers by lowering barriers to entry by aggregating investments across asset classes. It was founded by Jude Dike, Temitope Ekundayo and Chigozirim Ugochukwu
- JumpnPass, by Tunde Ademuyiwa and Qudus Quadry, is a mobile self-checkout platform for trendy retailers in Africa. Enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items and skip long lines
- A plan helps workers in Africa’s informal economy create financial plans by making it easier to start a retirement plan, access low-interest credit, and access health and life coverage. Founded by Harold Awuah-Darko.
- PBR Life Sciences offers pharmaceutical, consumer healthcare and medical device companies quick and easy access to high-quality data and market intelligence, 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 customer phone conversations through a communications platform that provides conversation intelligence and call monitoring. It is headed by Mayowa Okegbenle, Opeyemi Shokunbi and Unoma Adeyemi
- Rana democratizes 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 back-up generators. The company was founded by Abraham Mohammed and Mubarak Popoola.
- Surge Africafounded by Kumar Shourav and Ebrahim Essop, enables individuals, small businesses and SMEs in Africa to make direct cross-border transfers and pay up to 80% less fees
- Swoove empowers logistics companies in emerging markets to digitize and scale their businesses with shipment automation, fleet management, tracking and telematics, and a broad delivery network. It is led by Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo and Kevin Blankson
- Veendfounded by Olufemi Olanipekun and Ebenezer Ajayi, enables individuals and businesses with verifiable income to access funds on demand, meeting their emergency or working capital needs
What they say
Oyin Solebo, CEO, ARM Labs Lagos Techstars Accelerator; commented, “Our second group really showcases, and perhaps epitomizes, the wealth of talent, innovation and ingenuity that can be found in the African tech ecosystem. Supporting this team to reach its full potential feels like the perfect segway after the closure and success of the inaugural cohort.
Current market dynamics mean that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses. We are pleased to be able to provide comprehensive support covering this entire spectrum.‘
In addition to the Techstars-led program, the cohort receives mentoring sessions with notable experts in the African tech ecosystem providing them with comprehensive mentorship and expert services to support their growth journey.
These specialists include:
- Tunde Kehinde – Founder/CEO, Lydia
- Bode Abifarin – Chief Operating Officer at Flutterwave
- Tingting Peng – Chief Capital & Strategy Officer at Movement
- Kevin Simmons – Partner, LoftyInc
- Lola Esan – Partner, EY
- Yichai Beinisch – Head, West Africa – Emerging Markets Power, Shell Energy Europe and Africa.
The program will conclude with an invitation-only demo day on February 22, 2024, where founders will present their progress. Sign up here to participate.