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Home » Techstar, ARM Labs Partner to drive $1.2 Million Investment in 12 African Startups

Techstar, ARM Labs Partner to drive $1.2 Million Investment in 12 African Startups

Techstar and ARM Labs have Partnerd to Invest $1.2 Million among 12 African Startup’s after they were admitted to the second cohort of the African Accelerator program.

Techstar, is a global accelerator with over 3,000 companies in its portfolio. The global Startup network announced the second cohort of its Africa-focused accelerator programme in partnership with ARM Labs, a Nigerian accelerator.

“Our second cohort truly showcases, and perhaps also epitomises, the wealth of talent, innovation and ingenuity that can be found within the African tech ecosystem. Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort.

The current market dynamics means 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 glad to be able to provide comprehensive support that covers this entire spectrum,” Oyin Solebo, Managing Director, ARM Labs Lagos Techstars Accelerator stated.

Also Read: Bujeti Raises $2 Million in Seed Funding to Transform Corporate Spending across Africa

TechStar Investment

The cohort includes a dozen startups. They operate in Ghana, Nigeria, and East Africa. The startups are comprised of four teams with at least one female co-founder.

The selected companies are 24Seven, Beauty Hut, Eight Medical, GetEquity and Jumpin Pass. Likewise, other companies are One Plan, PBR Life sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.

The selected startups will receive $120,000 in funding. At the same time, they will receive $400,000 in cash equivalent. The funds will be for hosting, accounting and legal support. More over, other benefits worth more than $5 million.

For its first cohort, the program had initially focused on companies operating in FinTech and PropTech. However, this year expanded to focus more broadly on entrepreneurs that are changing Africa and the world.

These startups are using technology, data and intelligence to serve a population growing in size, youth, income and digital access.

Also Read: Norrsken22 closes $205M to back growth-stage startups in Africa

Startups Initiative’s

The selected startups will also receive tailored mentorship. Likewise, they will receive world-class company-building support, lifetime access to the Techstars worldwide network and targeted interactions with prospective investors.

In addition to the Techstars-led program, the cohort receive mentorship sessions with notable experts in the African tech ecosystems . These provides them with comprehensive guidance and specialized services to support their growth journey.

The experts include Tunde Kehinde , Founder/CEO, Lidya, Bode Abifarin – Chief Operating Officer at Flutterwave, Tingting Peng – Chief Capital & Strategy Officer at Moove.

They will receive mentorship sessions from Kevin Simmons – Partner, LoftyInc and Lola Esan – Partner, EY,. Likewise, Yischai Beinisch – Head, West Africa – Emerging Market Power, Shell Energy Europe & Africa will also be available.

Techstar program will conclude with an invite-only Demo day on February 22nd, 2024. At this time, founders will showcase their progress.