After two years of operation, ARM Labs Lagos Techstars, also known as Techstars Lagos, has regrettably ceased its accelerator program in Nigeria. Consequently, the third cohort program, scheduled to commence in March 2024, has been discontinued.
Matthew Grossman, Techstars' global Chief Brand and Communications Officer, confirmed the closure via email.
“Techstars’ collaboration with ARM Labs has concluded, and we will not move forward with a third ARM Labs Lagos Techstars Accelerator Program. The initial two cohorts showcased remarkable companies and founders, supported by a committed group of mentors,” Grossman stated.
The 24 founders and their respective companies that were part of ARM Labs Lagos Techstars will remain within the Techstars portfolio and will continue to receive support from the global Techstars network.
“We are hopeful about continuing our engagement with the local startup community to sustain our presence in this dynamic innovation hub,” Grossman added.
Techstars, a worldwide venture capital accelerator with a portfolio exceeding 4,500 companies, partnered with Nigeria's ARM Labs to introduce its three-month program to Lagos for the first time in December 2022. The ARM Labs Lagos Techstars program successfully completed two cohorts, incorporating 24 startups into the Techstars portfolio, with each startup receiving funding of up to $120,000.
By 2024, Techstars had invested approximately $2.4 million in various startups, including Surge Africa, Rana, PressOne Africa, Jump n Pass, GetEquity, Beauty Hut Africa, Oystr Finance, Keza Africa, Keble, and Flick, among others.
In a farewell letter dated September 20, 2024, Managing Director Oyin Solebo expressed intentions to remain active in the African venture ecosystem. Program Manager Oluwadunni Fanibe transitioned to Google as a Mentor in August.