After two years of operation and notable investments in 24 startups, ARM Labs Lagos Techstars, commonly known as Techstars Lagos, has officially shut down. This move also marks the discontinuation of the third cohort program, which had commenced in March 2024. Techstars' global Chief Brand and Communications Officer, Matthew Grossman, confirmed the shutdown, stating, “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.” Despite this closure, the 24 startups funded by ARM Labs Lagos Techstars will continue to be part of the global Techstars portfolio, benefiting from its extensive network and support. Techstars Lagos was launched in December 2022 through a partnership between Techstars and ARM Labs, a Nigerian-based investment firm. Over its two-year run, the program hosted two cohorts, each startup receiving up to $120,000 in funding. By 2024, Techstars had invested a total of approximately $2.4 million in African startups, including names like Surge Africa, Rana, PressOne Africa, Jump n Pass, GetEquity, Beauty Hut Africa, Oystr Finance, Keza Africa, Keble, and Flick. In a farewell letter dated September 20, 2024, Managing Director Oyin Solebo expressed her commitment to continuing work within the African venture ecosystem. Meanwhile, former Program Manager Oluwadunni Fanibe has transitioned to a new role at Google as a Mentor as of August 2024. Techstars remains optimistic about maintaining its influence in Nigeria’s dynamic innovation landscape. Grossman added, “We remain optimistic about collaborating with the local startup community to maintain our presence in this vibrant innovation hub.”Stay tuned to Startup Lagos for more updates on the tech ecosystem and innovation in Africa.
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