For its inaugural batch, ARM Labs Techstars Accelerator has admitted 12 African startups from Nigeria and Kenya.
Following its April 2021 launch, the three-month ARM Labs Techstars Accelerator programme has accepted 12 African firms for the inaugural class. The programme targets early-stage fintech and proptech startups with a presence in Africa.
The first batch includes two firms from Kenya and ten from Nigeria, with 50% female CEOs. “This is a decision of our belief in the teams; their product, market and traction,” Oyin Solebo, MD at ARM Labs Techstars, said. “Also, we did not show any gender bias in the screening process.”
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Keep in mind that Oyin Solebo was named managing director by Techstars and ARM Labs last year to oversee the accelerator’s efforts to “find the most promising businesses and founders while guaranteeing equal gender participation.”
The initiative is pan-African, but Ms. Solebo claimed that because ARM Labs is familiar with the business, more Nigerian startups were chosen. “From the applications we received, these 12 were the best. However, the next cohorts will be more diverse. My vision is for Techstars to be in multiple cities across Africa,” she added.
“Lagos has built a successful startup ecosystem that merits more global exposure, investments and resources, and we see extraordinary potential in the market.” — Nancy Wolff, General Manager, Techstars.
Each of the chosen firms will earn up to $120,000 as well as access to Techstars’ extensive network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners. They will also receive specially curated startup programming.
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The pioneer batch, which started in December 2022, has met with more than 100 speakers and mentors, including Tunde Kehinde, co-founder and CEO of Lidya, Bode Abifarin, COO of Flutterwave, Fara Ashiru Jituboh, founder and CEO of Okra, and Amandine Lobelle, COO of Paystack. On March 16, 2023, the demo day will take place in Lagos.
Meet the first group of ARM Labs Techstars Accelerator participants
Ms. Solebo noted in regards to the selection of industries, particularly fintech and proptech startups: “it is an evaluation of where there is market potential. Also, since it’s a partner programme with ARM Labs, property and financial services is where a lot of their expertise and network is.”
She did point out that in the ensuing years, the Lagos-based accelerator might diversify its investment portfolio into other industries. The three-year Techstars Accelerator programme in Lagos will invest in 36 entrepreneurs over three batches.
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The first class of the ARM Labs Techstars Accelerator Program is listed below:
alphabloQ
Trevor Kimani and John Mbui established the real estate investment platform known as alphabloQ. The startup’s goal is to lower the entry barrier for real estate investors by allowing investors to buy a portion of buildings that generate income.
peppa.io
By utilising payment protection, the company peppa.io, founded by Banky Alao, Bridget Yadua-Soremekun, and Emmanuel Obute, is making it safer for Africans to make purchases on social media platforms.
“Being accepted into the Techstars accelerator was an unmistakable validation of peppa.io,” said Banky Alao, CEO of peppa.io, a fintech services company dedicated to payment protection. “The program has set us on a sure path to exponential growth and impact. Absolutely the best thing to happen to us.”
CDCare
Through clever instalment plans, CDcare makes it simple for Africans to own gadgets, appliances, automobiles, and more with no interest. Deji Farohun and Tobi Odukoya created the business..
Cladfy
Ebby Gatamu and Kibe John founded Cladfy, which offers credit profiling, digitised loan management, and access to affordable, dependable financing to microfinance lenders.
“I am delighted about our selection into the Techstars family because traditionally, as an African, female, fintech founder, the odds are often stacked against you,” said Ebby Gatamu, Co-founder Cladfy. “This program has not only taught us to focus on the problem and our customers, but also led us to meet and interact with phenomenal people we’d otherwise possibly never have met.”
Flick
Flick is creating PayPal for Africa, allowing customers to link various bank accounts and make payments all from one source, accelerating transactions by seven times. The company was founded by Dipo Gbadebo and Ruth Olojede.
Keble
With the help of Keble, which was formed by Emmanuel Oballa, Agulanna Josemaria, Adebisi Borokinni, and Valentine Offiah, Africans can buy fractional interests of international real estate for as little as $10.
Keza Africa
Keza is the driving force behind smartphone finance since it enables customers to purchase new and pre-owned smartphones on flexible payment terms. Aisha Hussaini started Keza Africa.
Salad
Chikodi Ukaiwe and Seunfunmi Omotunde established Salad to give workers access to financial services and benefits outside of their regular paychecks.
Sidebrief
With its one-stop solution for registration, banking, and regulatory compliance, Sidebrief makes the process of beginning and growing a business across borders simpler. Eunice Olopade, Abdulwaheed Yusuf, and Usman Sotunde created the business.
Towntalk
By offering real-time location and behavioural analytics, vehicle tracking, and access to insurance providers, Towntalk, founded by Folake Edun, Disun Vera-Cruz, and Tomiwa Erinosho, is developing Area!, a protection platform that gives businesses peace of mind when moving goods and people from point A to point B.
Vittas
Vittas is a digital lender for healthcare providers that offers loans for the purchase of drugs and medical equipment using partnerships, incorporated third-party SaaS solutions, and machine learning. Sulav Singh, Collins Uche, and Eric Okemmadu founded Vittas.
Oystr Finance
Omotayo Iginla, Olusola Onajobi, and Ifedolapo Lawal founded Oystr, which is democratising credit in Africa. The business offers lenders an infrastructure to support the rapid launch of low-risk microloan products, portfolio expansion, and market expansion.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard