The second cohort of Techstars Accelerator’s pan-African accelerator programme, which it is doing in collaboration with ARM Labs, a Lagos-based innovation programme, has revealed 12 startups that will receive a combined $1.4 million in investments from the accelerator.
In addition to investing up to $120,000 in each startup over the 14-week immersion programme, Techstars will also give them access to over $400,000 in cash equivalent hosting, accounting and legal help, and other advantages totalling more than $5 million, according to a statement from the company.
In order to guarantee that they have access to continuous follow-up finance as they expand, the chosen entrepreneurs will also receive customised mentorship, first-rate company-building support, lifelong access to the Techstars global network, and focused interactions with potential investors.
Founders who collaborate with ARM Labs gain access to ARM’s extensive research and insights, local network, and decades-long experience in financial consulting services.
Read also: Techstars Toronto applications for developers seeking funding closes
How the startups were chosen
Techstars stated that the Accelerator programme will strengthen its dedication to supporting entrepreneurs who are transforming Africa and the world.
“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.”
“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.”
The programme, which 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, had initially focused on FinTech and PropTech companies for its first cohort. Investments have been made in the following sectors: FinTech, Future of Work, Renewable Energy, E-commerce, Logistics, and HealthTech.
Four of the cohort’s firms have at least one female co-founder, and they are based in Ghana, Nigeria, and East Africa.
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The chosen startups
Olufemi Idowu launched 24Seven, an asset-light marketplace that lets convenience stores and small companies order inventory on credit and have it delivered to their doorstep in one hour.
Through their e-commerce web-store and mobile app, Subuola Oyeleye’s Beauty Hut uses technology to distribute their products effectively and create marketing channels that close the gap between consumers and beauty companies.
Eight Medical founded Dr Ibukun Tunde-Oni is an end-to-end platform that links people in need to emergency medical resources (such as hospitals, ambulances, staff, information, and credit), cutting waiting times from an average of three hours to ten minutes or less.
GetEquity lowers entry barriers by aggregating investments across many asset classes, making investment possibilities easier for SEC-accredited providers to access. Jude Dike, Temitope Ekundayo, and Chigozirim Ugochukwu created it.
JumpnPass is a mobile self-checkout platform designed for modern retail in Africa, developed by Tunde Ademuyiwa and Qudus Quadry. They let customers easily scan product barcodes with their smartphones, make payments, and bypass lengthy lines.
One Plan makes it simpler for employees in Africa’s informal economy to establish cheap financial plans, including access to low-interest loans, health and life insurance, and retirement plans. Harold Awuah-Darko is the founder.
PBR Life Sciences helps businesses in the pharmaceutical, consumer healthcare, and medical device industries make objective decisions about product pricing, volumes, and business strategy by providing quick and simple access to high-quality market data and insights. Ayodeji Alaran created the business.
PressOne Africa uses a communication technology that offers call monitoring and conversation analytics to provide African businesses with more insight into their consumers’ phone conversations. Mayowa Okegbenle, Opeyemi Shokunbi, and Unoma Adeyemi are in charge of it.
With reasonably priced long-term solar subscriptions, Rana democratises access to safe and dependable solar systems for small and medium-sized businesses and individual consumers, hence eliminating the need for costly, unstable, and hazardous backup generators. Abraham Mohammed and Mubarak Popoola found the business.
Founded by Kumar Shourav and Ebrahim Essop, Surge Africa enables instantaneous cross-border transfers and up to 80% lower fees for individuals, micro-entrepreneurs, and MSMEs throughout Africa.
Swoove provides dispatch automation, fleet management, tracking and telematics, and a broad delivery network to enable logistics companies operating in growing countries to digitise and grow their operations. Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo, and Kevin Blankson lead it.
Veend, established by Olufemi Olanipekun and Ebenezer Ajayi, allows people and businesses with verified income to access funds on-demand, meeting their needs for working capital or emergency funds.
The second cohort of the ARM Labs Lagos Techstars Accelerator, according to Oyin Solebo, Managing Director, “truly showcases” and “epitomes” the abundance of talent, creativity, and inventiveness present in the African digital industry.
“Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort. The current market dynamics mean that founders need a combination of financial support as well as 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 said.
The cohort participates in mentorship sessions with prominent figures in the African tech industry in addition to the Techstars-led programme, which offers them all-encompassing advice and specific services to aid in their development.