- Techstars, in partnership with ARM Labs — a Lagos-based innovation programme — has announced 12 companies for the second cohort of its African-focused accelerator programme.
- The 14-week immersive programme will see the company invest up to $120,000 in funding in each company and provide access to $400,000 in cash equivalent support. The selected startups will also receive lifetime access to the Techstars global network, company-building support, and mentorships.
- ARM Labs Techstars Lagos Accelerator admitted 12 African startups from Nigeria and Kenya for its inaugural cohort earlier this year.
As opposed to its first cohort — which focused on companies in fintech and proptech — the company expanded to “focus more broadly on entrepreneurs that are changing Africa and the world by using technology, data, and intelligence to serve a population in size, youth, income, and digital access” for this new cohort.
Startups operating in Ghana, Nigeria, and East Africa make up the cohort, with investments made in fintech, logistics, eCommerce, healthtech, renewable energy, and the future of work. These startups include 24Seven, Beauty Hut, Eight Medical, JumpnPass, and One Plan.
Meet the 12 startups selected for the accelerator programme
GetEquity
This company facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes. Jude Dike, Temitope Ekundayo, and Chigozirim Ugochukwu founded the company.
JumpnPass
Founded by Tunde Ademuyiwa and Qudus Quadry, JumpnPass is a mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to scan product barcodes, pay for items, and skip long queues.
PBR Life Sciences
The company provides pharmaceutical, consumer healthcare, and medical device companies with quick and easy access to high-quality market data and insights, allowing them to make more objective decisions about product pricing, volume, and company strategy. Ayodeji Alaran founded the company.
PressOne Africa
Led by Mayowa Okegbenle, Opeyemi Shokunbi, and Unoma Adeyemi, the startup provides African businesses with deeper insights into customer phone conversations through a communication platform that includes conversation intelligence and call monitoring.
Rana
Founded by Abraham Mohammed and Mubarak Popoola, Rana democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, eliminating the need for expensive, unreliable, and toxic backup generators.
24Seven
Olufemi Idowu founded 24Seven, an asset-light marketplace that allows small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery.
Surge Africa
Kumar Shourav and Ebrahim Essop launched the company to allow individuals, micro-entrepreneurs, and MSMEs to make instant cross-border transfers and pay up to 80% less in fees on the continent.
Swoove
With dispatch automation, fleet management, tracking and telematics, and a large delivery network, the mobility company enables logistics companies in emerging markets to digitise and scale their businesses. Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo, and Kevin Blankson lead it.
One Plan
Harold Awuah-Darko founded the startup, 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 and life insurance coverage.
Beauty Hut
The company, founded by Subuola Oyeleye, uses technology to bridge the gap between beauty brands and consumers by providing efficient product distribution and marketing channels via its eCommerce website and mobile app.
Veend
Founded by Olufemi Olanipekun and Ebenezer Ajayi, it enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital.
Eight Medical
The healthtech startup, launched by Ibukun Tunde-Oni, is an end-to-end platform that connects users to emergency medical resources (such as hospitals, ambulances, personnel, information, and credit), reducing waiting times from an average of 3 hours to 10 minutes or less.
Oyin Solebo, the accelerator’s Managing Director Lead, stated that the cohort exemplifies the wealth of talent, innovation, and ingenuity in the African tech ecosystem. She added that this entails assisting them in realising their full potential.
“The current market dynamics mean that founders need a combination of financial support, technical assistance, and access to networks to build resilient businesses. We are glad to be able to provide comprehensive support that covers this entire spectrum,” she added.
