The ARM Labs Techstars Accelerator Program has announced its inaugural class of 2023.
The cohort is made up of 10 Nigerian and two Kenyan startups, with 50 per cent female CEOs.
The accelerator is a Lagos-based hybrid program to build early-stage African fintech and proptech startups.
The accelerator will invest $120,000 in funding for each of the startups.
They will also receive training and access to a vast investor network that is expected to be significant in the growth and longevity of the cohorts.
Demo day is set for March 16.
The 10 Nigerian selected startups include CDcare, Flick, Keble, Keza Africa, Oystr Finance, Peppa.io, Salad, Sidebrief, Towntalk, and Vitas.
The two Kenyan startups selected for the cohort are alphabloQ and Cladfy.
AlphabloQ is a real estate investment platform founded by Trevor Kimani and John Mbui.
The startup is aimed at reducing the entry barrier for real estate investors by enabling them to purchase a fraction of income-generating properties.
Cladfy, founded by Ebby Gatamu and Kibe John, provides microfinance lenders with credit profiling, digitised loan management, and access to affordable, reliable financing.
According to a statement made by Techstars, the cohort selection process was a rigorous and competitive one.
The founders went through several interviews with members of the Techstars global team. As well as a final interview with Techstars MD, Oyin Solebo, and a 15-member screening committee.
Some members of the committee included Octerra Capital managing partner Ashim Octerra, Voltron Capital’s Olumide Soyombo, and AZA former COO Charlene Chen.
Speaking on the cohort selection, Techstars MD Oyin Solebo said that they have chosen entrepreneurs with the capacity to be exceptional founders.
“Since the announcement that Techstars was coming to Lagos, there has been great anticipation about the selection of the inaugural cohort. These startups have the potential to be industry leaders, and a cohort that is collectively capable of bringing innovation and change to Africa and the world,” she said.
“Techstars’ presence in Lagos validates the continent as a rapidly evolving player in the global tech ecosystem. I could not be more excited to announce the names of the first 12 startups to be selected for the first ARM Labs Lagos Techstars Accelerator.”
ARMHoldCo group director for digital transformation, Ina Alogwu said that the excitement of supporting an accelerator program lies in the potential to ignite the spark of innovation.
Alogwu that this then transforms into a blazing fire of impact and change.
“As ARM partners with Techstars to launch an accelerator program that provides funding, mentorship, and access to networks and resources, our goal is to unearth the next set of Unicorns out of Africa,” he added.
Cladfy co-founder Ebby Gatamu said that she is delighted in being part of Techstars' family.
Gatamu also said that traditionally, as an African female, fintech founder, the odds are often stacked against one.
“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,” she added.
The founders officially began the 13-week program on December 5, 2022, and have had engagements with over 100 mentors and speakers.
