12 Startups selected for the ARM Labs Lagos Techstars Accelerator Program
The first cohort of the ARM Labs Lagos Techstars Accelerator, a Lagos-based initiative to develop early-stage African fintech and proptech firms, has been revealed. The cohort consists of 10 businesses from Nigeria and 2 from Kenya, with 50% female CEOs.
On December 5, 2022, the founders formally started the 13-week program. Since then, they have met with more than 100 mentors and speakers, including Tunde Kehinde, co-founder and CEO of Lidya, Bode Abifarin, COO of Flutterwave, Fara Ashiru Jituboh, founder and CEO of Okra, and Amandine Lobelle, COO of Paystack.
The selection of the inaugural cohort has been eagerly anticipated ever since Techstars’ arrival in Lagos was announced. Oyin Solebo, managing director of Techstars, stated that after a competitive application process, “we have chosen entrepreneurs who have the potential to be exceptional founders, startups with the potential to be industry leaders, and a cohort that is collectively capable of bringing innovation and change to Africa and the world.
Supporting an accelerator program offers the chance to fan the flames of invention and witness it grow into a raging blaze of influence and change, which is what makes it so exciting. The objective of the accelerator program that ARM is launching in collaboration with Techstars is to find the next generation of unicorns in Africa, according to Ina Alogwu, group director of digital transformation at ARMHoldCo.
The growth and durability of the cohorts will be greatly influenced by the accelerator’s investment of up to $120,000 in each firm, as well as by its training programs and extensive investor network. The date for Demo Day in 2023 is chosen for March 16.
AlphabloQ, a real estate investment platform, and Cladfy, which offers microlenders access to affordable, dependable financing as well as credit profiles and digitized loan administration, are two Kenyan firms among the ones that were chosen.
Others include Flick, which allows users to connect multiple bank accounts and pay directly from one source, Keble, which enables Africans at home and abroad to purchase fractional shares of global real estate, Keza, which makes it simple for Africans to own gadgets, appliances, cars, and more at zero interest, and Peppa.io, which makes it safer for Africans to buy on social platforms through the use of payment protection.
The following companies are also from Nigeria: Vittas, a digital lender for healthcare providers; Sidebrief, which streamlines the process of starting and scaling a business across borders; Towntalk, which gives shippers access to real-time location and behavioral analytics, vehicle tracking, and insurance providers; Salad, which gives employees access to financial services and benefits beyond their monthly paycheck; and Oystr Finance, which gives lenders an i-banking platform.
