THE 12 African startups selected from over a thousand applicants for the ARM Labs Lagos Techstars Accelerator second cohort are to receive benefits worth millions of dollars.
Over the past 13 weeks, along with the $120,000 each in investment, the 12 startups received comprehensive training and mentorship from leading industry experts in the form of workshops on go-to-markets strategies, financial modelling, customer acquisition, investment readiness, people and leadership, legal and governance and product management.
Additionally, the select startups gained access to more than 300 perks, valued at over $4 million in savings and will benefit from lifetime access to the Techstars worldwide network.
These startups are 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.
In her welcome address at the Techstar demo day where the 12 founders presented their ideas to investors and venture capitalists, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, noted that Techstars was committed to empowering entrepreneurs through accelerators, venture funds and network of investors, corporate 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. As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa.
“Teaming up with ARM, we have developed a programme aimed at showcasing the remarkable innovation and talent on the continent. We are excited about the 12 companies we have backed, each leveraging technology, data and intelligence to serve a population growing in size, youth, income and digital access,” she said.
In his closing address, Sadiq Mohammed, Deputy Group CEO of ARM Holding Company, expressed the delight in the partnership with Techstar, noting that the aim is to expand the company’s horizon and improve processes, introduce a new asset class to clients and contribute to the ecosystem growth.
“We are thrilled with how these objectives are being met based on the programme’s success and the inherent impact of the selected startups. Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing full 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,” he said.
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