Two years after launching its accelerator program in Nigeria, ARM Labs Lagos Techstars, also known as Techstars Lagos has shut down. It will also discontinue the third cohort program, which began in March 2024.
Techstars’ global Chief Brand and Communications Officer, Matthew Grossman, confirmed the shutdown 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 said.
The 24 founders and their companies funded by ARM Labs Lagos Techstars will remain Techstars portfolio companies and continue to have access to and support from the global Techstars network.
“We remain optimistic about collaborating with the local startup community to maintain our presence in this vibrant innovation hub,” Grossman said.
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. Each startup received up to $120,000 in funding.
By 2024, Techstars had invested about $2.4 million in startups, including Surge Africa, Rana, PressOne Africa, Jump n Pass, GetEquity, Beauty Hut Africa, Oystr Finance, Keza Africa, Keble, and Flick, among others.
“I will continue to operate in the African venture ecosystem,” wrote Managing Director Oyin Solebo in a farewell letter dated September 20, 2024. Program Manager Oluwadunni Fanibe moved on in August to join Google as a Mentor.
