LIST | TechStars and ARM Labs Select 12 Startups in Cohort 2 of its Accelerator Program in Nigeria

Techstars, recently recognized as the most active startup investor on the continent, has unveiled the 12 startups selected for the second cohort of its innovation program based in Lagos, Nigeria, conducted in collaboration with ARM Labs.

This cohort includes startups from Ghana, Nigeria, and East Africa, featuring four teams with at least one female co-founder. Each participating startup receives funding of up to $120,000, along with access to over $400,000 in cash equivalent resources covering hosting, accounting, and legal support. The overall benefits provided to the startups are valued at more than $5 million.

In its inaugural cohort, the program concentrated on companies within FinTech and PropTech. However, for the current cohort, there is a broader focus on entrepreneurs who are making a transformative impact on Africa and beyond.

The visionary individuals leverage technology, data, and intelligence to cater to a population that is expanding in size, youth, income, and digital accessibility. The program has diversified its investment sectors to include FinTech, Logistics, E-commerce, HealthTech, Renewable Energy, and the Future of Work.

Below is the list of selected startups:

• 24 Seven – An asset-light marketplace that enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery
• Beauty Hut – Leverages technology to bridge the gap between beauty brands and consumers through efficient product distribution and marketing channels, via their e-commerce web-store and mobile app
• Eight Medical – An end-to-end platform that connects users in need to emergency medical resources (such as hospitals, ambulances, personnel, information & credit), reducing waiting times from an average of 3 hours to 10 minutes or less
• Get Equity – Facilitates access to investment opportunities by SEC-accredited providers, reducing entry barriers through investment aggregation across various asset classes
• JumpnPass – A mobile self-checkout platform for modern retail in Africa. They enable shoppers to use their smartphones to effortlessly scan product barcodes, pay for items, and skip long queues
• One Plan – Helps workers in Africa’s informal economy create affordable financial plans, making it easier to start a retirement plan, access low-interest credit, and access health + life insurance cover
• PBR Life Sciences – Offers pharmaceutical, consumer healthcare and medical device companies fast and easy access to high-quality market data and insights, helping them make objective decisions on product pricing, volumes and company strategy
• Press One Africa – Provides African businesses with deeper insights into phone conversations with customers through a communication platform that provides conversation intelligence and call monitoring
• Rana – Democratises access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions, replacing the need for expensive, unreliable, and toxic backup generators. The company is founded by Abraham Mohammed and Mubarak Popoola
• Surge Africa – Allows individuals, micro-entrepreneurs and MSMEs in Africa to make instant cross-border transfers and pay up to 80% less in fees
• Swoove – Empowers logistics companies in emerging markets to digitise and scale their businesses with dispatch automation, fleet management, tracking and telematics, and a wide delivery network
• Veend – Enables individuals and businesses with verifiable income to access funds on-demand, addressing their needs for emergency funds or working capital

During the 14-week immersive program, the participating startups will benefit from tailored mentorship, top-notch company-building support, and gain lifetime access to the extensive Techstars global network. Additionally, they will engage in targeted interactions with potential investors, ensuring a continuum of follow-up capital as they progress.

The partnership with ARM Labs provides founders with exposure to ARM’s local network, valuable research and insights, and decades-long expertise in financial advisory matters.

‘‘Our second cohort truly showcases, and perhaps also epitomizes, the wealth of talent, innovation, and ingenuity that can be found within the African tech ecosystem. Supporting this group in reaching their full potential feels like the perfect segway following the close and success of the inaugural cohort.’’ said Oyin Solebo, Managing Director, ARM Labs Lagos Techstars Accelerator.