The renowned accelerator program, ARM Labs Lagos Techstars, often referred to as Techstars Lagos, has officially shut down two years after its launch in Nigeria. The program, a collaborative effort between global venture capital accelerator Techstars and Nigerian-based ARM Labs, was designed to support African startups through mentorship, funding, and a structured three-month program.
Matthew Grossman, Techstars’ Global Chief Brand and Communications Officer, confirmed the closure, announcing that the program’s third cohort, which commenced in March 2024, will not be completed. Grossman explained, “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.”
The closure does not impact the 24 startups previously funded through the program, which will remain part of Techstars’ global portfolio. “These founders and their companies will continue to have access to and support from Techstars’ extensive network,” Grossman added, while also noting Techstars’ continued interest in Africa’s startup ecosystem.
ARM Labs Lagos Techstars was launched in December 2022 with the mission of fostering innovation in Nigeria’s startup scene. Over its two-year run, the program invested about $2.4 million in 24 startups, including Surge Africa, Rana, PressOne Africa, Jump n Pass, GetEquity, Beauty Hut Africa, Oystr Finance, Keza Africa, Keble, and Flick, with each receiving up to $120,000 in funding.
In a farewell letter dated September 20, 2024, Managing Director Oyin Solebo confirmed her departure, expressing her intent to stay engaged in the African venture ecosystem. Former Program Manager Oluwadunni Fanibe also moved on, joining Google as a mentor in August.
As Techstars Lagos winds down, the program leaves a notable legacy in the Nigerian startup landscape, having mentored and funded dozens of entrepreneurs and contributing to the growth of the African tech scene.
