Techstars Announces Twelve New Investments Through Its ARM Labs Lagos Techstars Accelerator

Techstars, one of the most active startup investor in Africa, has announced its second cohort of 12 companies to participate in its pan-African accelerator program in partnership with Lagos-based innovation program, ARM Labs. Following a successful inaugural program, the ARM Labs Lagos Techstars Accelerator will build upon its commitment to helping entrepreneurs that are changing Africa and the world.

The 14-week immersive program will see Techstars invest up to USD 120 K in funding in each startup as well as provide them with access to over USD 400 K in cash equivalent hosting, accounting and legal support and other benefits worth more than $5M. The selected startups will also receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network and targeted interactions with prospective investors to ensure that the continuum of follow-up capital is available as they grow. By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights and decades long financial advisory expertise. 

The selected companies include, 24Seven, an asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery; Beauty Hut, which leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app; Eight Medical, an end-to-end platform that connects users in need to emergency medical resources; JumpnPass, a mobile self-checkout platform for modern retail in Africa; One Plan, which helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance cover; PBR Life Sciences, which offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, PressOne Africa, which provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring; Rana democratizes access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators; Surge Africa, which allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80% less in fees; Swoove, which empowers logistics companies in emerging markets to digitize and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network; and Veend, which enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.

In addition to the Techstars-led program, the cohort receive mentorship sessions with notable experts in the African tech ecosystem providing them with comprehensive guidance and specialized services to support their growth journey.