Techstars in partnership with the Lagos-based innovation program, ARM Labs, held an Accelerator Demo Day on Feb. 20th at Balmoral Convention Center, Federal Palace Hotel, Lagos where startups presented to Techstars’ vast network of investors, mentors, senior operators, and ecosystem leaders, unveiling achievements and future plans whilst vying for strategic partnerships and commercial collaboration.
In addition to the startups’ presentations, the event featured a lively panel discussion with key figures in the African tech and Venture Capital (VC) ecosystems, exploring the state of VC funding and innovation in Africa. The panelists in the session included Olumide Soyombo; Partner at Voltron Capital, Biola Alabi; Partner at Acasia Ventures, and Ovo Emorhokpor; Founding Partner at Beta Ventures.
The event featured presentations from Techstars’ stellar second cohort from across Africa, marking the end of an immersive three-month accelerator program.
The event also drew the attention of more than 480 industry leaders and investors, including Idris Bello; Founding Partner at LoftyInc Capital, Tosin Faniro-Dada; Partner at Breega, Eloho Omame; Partner at TLCom Capital, Victor Sada; Head of Ventures & M&A at Interswitch, Bode Abifarin; Ex-Chief Operating Officer at Flutterwave, and Olusegun Adeniyi; Chief Digital Officer at Wema Bank, who were in attendance.
12 startups were chosen from over a thousand applicants across Africa to take part in the second cohort of the ARM Labs Lagos Techstars Accelerator. Among the startups that were selected were 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove, and Veend.
Over the past 13 weeks, along with the USD$120,000 (approx. UGX466 million, NGN192 million) each in investment, the startups received comprehensive training and mentorship from leading industry experts in the form of workshops on go-to-market strategies, financial modeling, customer acquisition, investment readiness, people & leadership, legal & governance, and product management. Additionally, the select startups gained access to more than 300 perks, valued at over USD$4 million (approx. UGX15.5 billion, NGN6.4 billion) in savings, and will benefit from lifetime access to the Techstars worldwide network.
In her remarks, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator said, “Teaming up with ARM, we’ve developed a program aimed at showcasing the remarkable innovation and talent in Africa.” “We’re excited about the 12 companies we’ve backed, each leveraging technology, data, and intelligence to serve a population growing in size, youth, income, and digital access.”
Solebo noted that Techstars is committed to empowering entrepreneurs through their accelerators, venture funds, and a network of investors, corporates, and mentors across various cities.
“We firmly believe that entrepreneurs are the driving force behind a better future for all, and our mandate is to ensure they succeed,” she said. “As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa.”
Oluwadunni Fanibe, Program Manager at ARM Labs Lagos Techstars Accelerator commented on the progress attained by the founders over the past weeks.
“Throughout the program, the cohort demonstrated genuine enthusiasm, passion, and dedication, qualities highly valued by investors,” said Oluwadunni. “They’ve mastered articulating and executing their business models, also honing their pitching skills along the way. The program has boosted their capabilities, propelling them into the next stage of their entrepreneurial journey and we wish them continued success.”
Sadiq Mohammed, Deputy Group CEO of ARM Holding Company disclosed their delight to have partnered in this innovative program where they aimed to expand their horizons and improve their processes, introduce a new asset class to clients, and contribute to the ecosystem growth.
“We’re thrilled with how these objectives are being met based on the program’s success and the inherent impact of the selected startups,” said Sadiq. “Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing fully well that the best market-creating innovations thrive best when value chains and markets are restructured.”
“We believe this cohort is well-positioned for success,” concluded Sadiq.
As founders showcased the product-market fit of their startups, track record, and growth opportunity, it highlighted the ingenuity and opportunities that abound in the African market. The event now sets the stage for follow-on investment and innovation in the months ahead for the cohort. With plans underway for a third cohort intake later this year, applications will open in mid-May.
