Together with the announcement of the 12 firms selected to take part in the second batch of its pan-African accelerator program, Techstars Accelerator, in collaboration with Lagos-based innovation initiative ARM Labs, has revealed intentions to invest a total of $1.4 million in 12 African entrepreneurs.
In addition to investing up to $120,000 in each firm throughout the 14-week immersion program, Techstars will also provide them access to over $400,000 in cash equivalent hosting, accounting and legal help, and other advantages totaling more than $5 million, according to a statement from the company.
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.
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By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights and decades long financial advisory expertise.
While noting that the Accelerator program will build upon its commitment to helping entrepreneurs that are changing Africa and the world, Techstars said:
“The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa. The sourcing and selection was led by Managing Director for the accelerator, Oyin Solebo.
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“It culminated in a screening committee joined by fellow directors at Techstars, executive leaders at ARM – Jumoke Ogundare, Sadiq Mohammed, Wale Odutola, Uche Azubuike and Ina Alogwu; as well as selected invited seasoned investors – Nneka Eze of Vested World, Maya Horgan Famodu of Ingressive Capital, Olumide Soyombo of Voltron Capital and Dotun Olowoporuku of Ventures Platform.”
For its first cohort, the program had initially focused on companies operating in FinTech and PropTech, but this year expanded to focus more broadly on entrepreneurs who are changing Africa and the world, by using technology, data and intelligence to serve a population growing in size, youth, income and digital access. Sectors invested in include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy, and Future of Work.
The cohort comprises startups operating in Ghana, Nigeria and East Africa, and has four teams with at least one female co-founder.
