Techstars and ARM Labs to make $1.4m investment in 12 African startups
The 12 firms that will participate in the second cohort of Techstars’ Lagos-based innovation program, which it runs in collaboration with ARM Labs, have been announced. Techstars is one of Africa’s busiest startup investors.
Four of the cohort’s firms have at least one female co-founder, and they are from Ghana, Nigeria, and East Africa. They each get access to over $400,000 in cash equivalent hosting, up to $120,000 in capital, accounting and legal support, as well as other advantages totaling more than $5 million.
This year, the program’s focus has broadened to include entrepreneurs who are transforming Africa and the world by utilizing technology, data, and intelligence to serve a population that is increasing in size, youth, income, and digital access. Previously, the program concentrated on FinTech and PropTech companies for its first cohort. Investments have been made in the following sectors: FinTech, Future of Work, Renewable Energy, E-commerce, Logistics, and HealthTech.
Our second cohort exemplifies the abundance of skill, creativity, and inventiveness present in the African digital industry, and it also serves as a true showcase. After the conclusion and success of the first cohort, helping this group realize their full potential seemed like the ideal next step. The ARM Labs Lagos Techstars Accelerator’s managing director, Oyin Solebo, stated.
Because of the current state of the market, entrepreneurs must have access to networks, technical help, and financial backing in order to create strong firms. We are happy to be able to offer thorough support that spans this whole range. Salebo continued.
The startups will participate in a 14-week immersive program during which they will receive specialized mentoring, top-notch assistance with building their companies, lifetime access to Techstars’ global network, and focused meetings with potential investors to guarantee that a steady stream of follow-up capital is available as they expand. Founders that collaborate with ARM Labs gain access to ARM’s extensive research and insights, local network, and decades-long experience in financial consulting services.
We are excited to be traveling this path with our valued partners for the second year in a row. Programs like the ARM Labs Lagos Techstars Accelerator allow us to understand, champion, and actively contribute to the growth of technology-driven solutions emerging throughout Africa. ARM’s Group Director of Digital Transformation, Ina Alogwu, stated.
The chosen startups are:
24Seven: Olufemi Idowu launched 24Seven, an asset-light marketplace that lets convenience stores and small companies order inventory on credit and have it delivered to their doorstep in one hour.
Beauty Hut: Through their e-commerce web-store and mobile app, Beauty Hut uses technology to effectively distribute their products and create marketing channels that close the gap between consumers and beauty companies. It is an end-to-end platform that links people in need to emergency medical resources (such as hospitals, ambulances, staff, information, and credit), cutting waiting times from an average of three hours to ten minutes or fewer. Dr. Ibukun Tunde-Oni developed Subuola Oyeleye Eight Medical.
GetEquity: GetEquity lowers entry barriers by aggregating investments across many asset classes, making investment possibilities easier for SEC-accredited providers to access. Jude Dike, Temitope Ekundayo, and Chigozirim Ugochukwu created it.
JumpnPass: JumpnPass is a mobile self-checkout platform designed for modern retail in Africa, developed by Tunde Ademuyiwa and Qudus Quadry. They let customers to easily scan product barcodes with their smartphones, make payments, and bypass lengthy lines.
One Plan: One Plan makes it simpler for employees in Africa’s informal economy to establish cheap financial plans, including access to low-interest loans, health and life insurance, and retirement plans. Harold Awuah-Darko is the founder.
PBR Life Sciences: PBR Life Sciences helps businesses in the pharmaceutical, consumer healthcare, and medical device industries make objective decisions about product pricing, volumes, and business strategy by providing quick and simple access to high-quality market data and insights. Ayodeji Alaran created the business.
PressOne Africa: PressOne Africa uses a communication technology that offers call monitoring and conversation analytics to provide African businesses more insight into their consumers’ phone conversations. Mayowa Okegbenle, Opeyemi Shokunbi, and Unoma Adeyemi are in charge of it.
Rana: With reasonably priced long-term solar subscriptions, Rana democratizes access to safe and dependable solar systems for small and medium-sized businesses and individual consumers, thereby eliminating the need for costly, unstable, and hazardous backup generators. Abraham Mohammed and Mubarak Popoola found the business.
Surge Africa: Founded by Kumar Shourav and Ebrahim Essop, Surge Africa enables instantaneous cross-border transfers and up to 80% lower fees for individuals, micro-entrepreneurs, and MSMEs throughout Africa.
Swoove: Swoove provides dispatch automation, fleet management, tracking and telemetry, and a broad delivery network to enable logistics companies operating in growing countries to digitize and grow their operations. Kevin Blankson, Robert Quainoo, Gloria Pascucci, Kingsley Amponsah, and Kwaku Tabiri are in charge.
Veend: Olufemi Olanipekun and Ebenezer Ajayi launched Veend, a platform that allows people and companies with verified income to obtain funds instantly, meeting their needs for working capital or emergency funds.
On February 22, 2024, an invite-only Demo day will mark the program’s conclusion, during which founders will present their achievements.
