ARM Labs Lagos Techstars, the accelerator program that launched in Nigeria two years ago, is closing its doors. The third cohort, which started in March 2024, won’t continue, and Techstars’ global Chief Brand and Communications Officer, Matthew Grossman, confirmed the closure via email. “Our partnership with ARM Labs has ended,” Grossman noted, adding that while the first two cohorts had some impressive founders and mentorship support, the program won’t proceed further.
🔁Backstory.
Techstars, a global venture capital accelerator with over 4,500 portfolio companies, partnered with Nigerian-based ARM Labs to bring its three-month program to Lagos for the first time in December 2022. The program, ARM Labs Lagos Techstars, ran two cohorts, bringing 24 startups under Techstars’ portfolio.
🔎What Next?
The 24 companies that participated in ARM Labs Lagos Techstars will remain part of Techstars’ global portfolio. This means they’ll continue to enjoy the benefits and connections that come with being part of the Techstars network. Grossman emphasized that Techstars isn’t stepping back entirely, saying, “We remain optimistic about collaborating with the local startup community.”
Since its inception, ARM Labs Lagos Techstars invested around $2.4 million in startups like Surge Africa, PressOne Africa, and GetEquity, providing each company up to $120,000. Although the program is ending, former Managing Director Oyin Solebo has assured her continued involvement in the African venture ecosystem, while Program Manager Oluwadunni Fanibe has already moved on, now mentoring at Google.
