Techstars to Invest $1.4m In 12 African startups

Techstars Accelerator, in collaboration with ARM Labs, a Lagos-based innovation programme, has revealed plans to invest a total of $1.4 million in 12 African entrepreneurs.

This is even as the company has unveiled the 12 firms for the second batch of its pan-African accelerator program. The companies are 24Seven; Beauty Hut; Eight Medical; GetEquity; JumpnPass; One Plan; PBR Life Sciences; PressOne Africa; Rana; Surge Africa; Swoove and Veend.

According to a press release provided to the newsmen, Techstars said, it will invest up to $120,000 in each startup during the 14-week immersive program, adding that the startups will receive over $400,000 in cash equivalent hosting, accounting and legal support, as well as other benefits valued at over $5 million.

Along with personalized mentoring, top-notch company-building support, lifelong access to Techstars’ global network, and focused meetings with potential investors, the selected businesses will also benefit from targeted interactions with potential investors and a continuous

It said, “The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa. The sourcing and selection was led by Managing Director for the accelerator, Oyin Solebo.

“It culminated in a screening committee joined by fellow directors at Techstars, executive leaders at ARM – Jumoke Ogundare, Sadiq Mohammed, Wale Odutola, Uche Azubuike and Ina Alogwu; as well as selected invited seasoned investors – Nneka Eze of Vested World, Maya Horgan Famodu of Ingressive Capital, Olumide Soyombo of Voltron Capital and Dotun Olowoporuku of Ventures Platform.”

Commenting on the selected startups, the managing director, ARM Labs Lagos Techstars Accelerator, Oyin Solebo, said the second cohort truly showcases, and 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 mean that founders need a combination of financial support as well as technical assistance and access to networks to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum,” she said.