Launching in April 2021, the ARM Labs Techstars Lagos Accelerator has accepted 12 African startups for the pioneering batch of the three-month program focused on early-stage fintech and proptech startups based in Africa.
The inaugural cohort consists of 10 Nigerian and two Kenyan startups with 50% female CEOs. Speaking to Benjamindada.com, Oyin Solebo, MD, Lagos Techstars ARM Laboratory, said: “This is a decision we believe in the teams; Product, market and their traction”.
According to him, Nigeria is arguably the most active and largest ecosystem, so it is natural that more startups have come from this West African country. “Of the applications we received, these 12 were the best. However, the next cohorts will be more diverse. My vision is to have Techstars in several cities across Africa,” he added.
“Lagos has built a thriving startup ecosystem that deserves more global exposure, investment and resources, and we see tremendous potential in the market.” – Nancy Wolff, CEO of Techstars.
Each of the selected startups will receive up to $120,000, as well as mentored launch planning and access to Techstars’ extensive network of 7,000+ mentors, more than 20,000 investors, alumni and corporate partners.
The pioneering group which started in December 2022 has engaged with over 100 mentors and speakers including Tunde Kehinde. Co-founder and CEO, Lydia Bode Abifarin. COO, Flutterwave, Fara Ashiru Jituboh; Founder and CEO, Bamieh and Amandine Lobel. COO, Paystack. The show day will be on March 16, 2023 in Lagos.
Meet the inaugural batch of the ARM Labs Lagos Techstars Accelerator
Regarding the selection of sectors, especially fintech and proptech startups, Ms Solbo said: “This assessment is where the market potential is. Also, as this is a partner program with ARM Labs, property and financial services are a lot of their expertise. . and the network.”
However, he noted that the Lagos-based accelerator may diversify its investments into other sectors in the coming years. The Lagos-based Techstars accelerator is designed to run for three years and invest in 36 startups across three categories.
Below is the inaugural cohort of the ARM Labs Lagos Techstars Accelerator program:
alphabloQ
alphabloQ is a real estate investment platform founded by Trevor Kimani and John Mbui. The startup’s mission is simple, to lower the barriers to entry for real estate investors by enabling investors to buy fractions of income-producing properties.
peppa.io
peppa.io, founded by Banky Alao, Bridget Yadua-Soremekun and Emmanuel Obute make shopping on social platforms safer for Africans using payment protection.
Banky Alao, CEO of peppa.io, a fintech services company dedicated to payment protection, said: “Being accepted into the Techstars accelerator was an undoubted validation for peppa.io. “This program puts us on a sure path to exponential growth and impact. It’s absolutely the best thing to happen to us.”
CDCare
CDcare enables Africans to own furniture, appliances, cars and more at zero interest through smart installment plans. The company was founded by Tobi Udokuya and Deji Farohun.
Cladphy
Founded by Abi Ghatamo and Kibeh Jan, Cladfi provides credit profiling, digital loan management and access to affordable and reliable financing to microfinance lenders.
Abby Gatamo, Co-Founder of Cladfy, said: “I am delighted that we have been selected into the Techstars family, because traditionally, as an African, female fintech founder, the odds are often stacked against you. “This program not only It taught us to focus on our problem and our clients, but it also led us to meet and interact with amazing people that we probably would never have met otherwise.”
flip
Flick is building PayPal for Africa. It allows users to link multiple bank accounts and pay directly from one source, making payments 7x faster. Ruth Olujdeh and Dipo Gbadbo are the founders of this company.
cable
Founded by Emmanuel Obala, Agulana Josemaria, Adebisi Borokini and Valentine Afia, Keble allows Africans at home and abroad to buy fractional shares of global real estate for as little as $10.
Keza Africa
Keza empowers smartphone financing by enabling people to purchase brand new, certified smartphones on a flexible payment plan. Keza Africa was founded by Ayesha Hosseini.
salad
Founded by Chikodi Ukaiwe and Seunfunmi Omotunde, Salad gives employees access to financial services and benefits beyond their monthly paycheck.
Side notes
Sidebrief simplifies the process of starting and expanding a business across borders with its one-stop solution for registration, banking and regulatory compliance. The company was founded by Younis Olupad, Abdulwahid Yusuf and Osman Sutunde.
Town Talk
Founded by Folake Edun, Disun Vera-Cruz and Tomiwa Erinosho, Towntalk is under construction. Area!-A security platform that gives companies peace of mind when moving goods and people from point A to B by providing real-time location and behavior analytics, vehicle tracking and access to insurance providers.
Vitas
Vittas is a digital lender for healthcare providers that uses machine learning, partnerships and embedded third-party SaaS solutions to provide loans for pharmaceutical and medical equipment purchases. Vittas was founded by Sulav Singh, Collins Uche and Eric Okamadu.
Oyster Finance
Founded by Ifedolapo Lawal, Olusola Onajobi and Omotayo Iginla, Oystr is democratizing credit in Africa. The company provides lenders with the infrastructure to help them launch low-risk microloan products, grow their portfolios and expand into new markets in less than 30 minutes.
Related article: Analysis of Techstars investments in Africa since 2015
“The excitement of supporting an accelerator program is in the potential to ignite a spark of innovation and watch it turn into a blazing fire of impact and change. As ARM partners with Techstars to launch an accelerator program that provides funding, mentorship and access In conjunction with networks and resources, our goal is to discover the next collection of unicorns outside of Africa.
