Lagos startup accelerator Techstars shuts down after two years
Two years after its eagerly awaited launch, the ARM Labs Lagos Techstars Accelerator, referred to as Techstars Lagos, has ceased operations, abruptly concluding its third cohort that started in March 2024.
Matthew Grossman, Techstars' global Chief Brand and Communications Officer, confirmed this decision in an email. "The partnership between Techstars and ARM Labs has come to an end, and we will not move forward with a third ARM Labs Lagos Techstars Accelerator Program. The initial two cohorts showcased exceptional companies and founders, supported by a committed group of mentors," Grossman shared.
Despite the closure, the 24 startups that received assistance from the accelerator will continue to be part of the Techstars portfolio, gaining ongoing access to the global network and resources. "We remain hopeful about collaborating with the local startup community to uphold our presence in this dynamic innovation hub," Grossman added.
Techstars, a leading global venture capital accelerator with a portfolio of over 4,500 companies, partnered with ARM Labs in 2022 to introduce its program to Nigeria.
ARM Labs Lagos Techstars successfully conducted two cohorts, offering mentorship, support, and up to $120,000 in funding to each of its 24 startups, including Surge Africa, Rana, PressOne Africa, Jump n Pass, and Keza Africa. By 2024, Techstars had allocated a total of $2.4 million into Nigerian startups.
In a farewell message dated September 20, 2024, Managing Director Oyin Solebo expressed her desire to remain engaged in Africa’s venture ecosystem. Meanwhile, Program Manager Oluwadunmi Fanibe shifted in August to a new position as a mentor with Google.
The departure of ARM Labs Lagos Techstars is viewed as a setback for the Nigerian tech sector, although the pledge for continued involvement in the region offers optimism for future partnerships.
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