Alex Odense
Two years after its highly anticipated launch, the ARM Labs Lagos Techstars Accelerator, known as Techstars Lagos, has closed its doors, abruptly ending its third cohort, which began in March 2024.
The decision was confirmed by Matthew Grossman, Techstars’ global Chief Brand and Communications Officer, in an email. “Techstars’ partnership with ARM Labs has ended, and we will not proceed with a third ARM Labs Lagos Techstars Accelerator Program. The first two cohorts featured outstanding companies and founders, supported by a dedicated group of mentors,” Grossman stated.
Despite the closure, the 24 startups that benefited from the accelerator’s support will remain part of the Techstars portfolio, with continued access to the global network and resources. “We remain optimistic about collaborating with the local startup community to maintain our presence in this vibrant innovation hub,” Grossman added.
Techstars, a prominent global venture capital accelerator with over 4,500 companies in its portfolio, joined forces with ARM Labs in 2022 to bring its program to Nigeria.
ARM Labs Lagos Techstars ran two successful cohorts, providing mentorship, support, and up to $120,000 in funding to each of its 24 startups, including Surge Africa, Rana, PressOne Africa, Jump n Pass, and Keza Africa. By 2024, Techstars had invested a total of $2.4 million into Nigerian startups.
In a farewell letter dated September 20, 2024, Managing Director Oyin Solebo expressed her intent to remain active in Africa’s venture ecosystem. Meanwhile, Program Manager Oluwadunmi Fanibe transitioned in August to a new role as a mentor with Google.
The exit of ARM Labs Lagos Techstars is seen as a blow to the Nigerian tech landscape, though the commitment to sustained involvement in the region leaves hope for future collaboration.
