African startup investor, Techstars, has forged a partnership with ARM Labs, a prominent Nigerian accelerator, to mark the launch of their second cohort for the Lagos-based accelerator programme aimed at strengthening the African startup ecosystem.
Comprising 12 startups hailing from Ghana, East Africa and Nigeria, this cohort notably includes four teams with at least one female co-founder in each startup, emphasizing a commitment to diversity and inclusivity within the entrepreneurial landscape.
In a show of substantial support and investment, each selected startup is set to receive $120,000 in funding and a comprehensive package exceeding $5 million in total value, including $400,000 in cash equivalent services encompassing hosting, accounting, and legal support.
Moreover, the startups gain access to lifelong connections within the Techstars global network, tailored company-building support, and mentorship programs.
This cohort marks an expansion beyond the fintech and proptech focus of the previous edition as it embraces a diverse array of industries, from logistics and e-commerce to healthtech and renewable energy, the program aims to foster innovation across multifaceted sectors crucial to Africa’s development.
The innovative startups selected for this cohort include 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove, and Veend.
Scheduled to culminate in an exclusive Demo Day on February 15, 2024, the program will afford these startups an opportunity to showcase their progress to a curated audience comprising investors and industry leaders.