Techstars in partnership with ARM Labs has opened calls for applications for the inaugural edition of the ARM Labs Lagos Techstars Accelerator Program. The accelerator program aims to invest in early-stage fintech and proptech companies based in Africa.
Techstars is a global investment business that provides access to capital, one-on-one mentorship, and customised programming for early-stage entrepreneurs. In addition, they connect startups, and investors to help build thriving startup communities.
ARM Labs is the fintech support programme of ARM, a leading Nigerian diversified and integrated asset management group firm. ARM Labs is designed to facilitate and encourage innovative growth in the financial services industry.
Following the announcement of the ARM Labs Lagos Techstars accelerator launch, applications are now open for early-stage fintech and proptech startups based in Africa from June 6 to August 24, 2022. The 3-month intense accelerator program which supports entrepreneurs will begin in Lagos State this December.
At the end of the application process, 12 startups will be selected for the program. The inaugural in-person class will commence on December 5, 2022, and conclude with a Demo Day scheduled for March 16, 2023, where local investors, community, government and business leaders will experience the transformational power entrepreneurs have on the African fintech and proptech community.
During the accelerator program, selected startups will have access to Techstars’ vast network of 7,000+ mentors, 20,000+ investors, over 10,000 founders, alumni and corporate partners. Other benefits include up to $120k in funding, curated startup programming and one-on-one mentorship sessions with Techstars mentors.
The first month of the program will be dedicated to assessing product-market-fit with extensive hands-on training with Techstars mentors. This will help founders refine their products into a solid proof-of-concept.
After the execution stage in the second month, the final phase will largely be focused on helping startups refine their financial business models with additional strategies around fundraising.
While this is Techstars’ first accelerator program in Lagos, the company has been active in the African tech space since 2011, hosting more than 400 Techstars Startup Weekends across 40 countries, and operating the Barclays Accelerator Powered by Techstars Cape Town in 2016 and 2017. Similarly, through its other early-stage entrepreneurial programs, it has invested in 14 Nigeria-based startups like Healthtracka, FarmCrowdy and Rent Small Small.
In total, Techstars accelerator has invested in approximately 3000 startups globally with an all-time graduate market cap of $73billion, a $1 million average first raise post-program, and a total of 19 unicorns produced so far.