After two years of supporting startups in Nigeria, the ARM Labs Lagos Techstars program—often referred to as Techstars Lagos—has officially ended.
The accelerator, which was launched in December 2022, announced it would not continue with a planned third cohort that began in March 2024.
Matthew Grossman, Techstars’ global Chief Brand and Communications Officer, confirmed the shutdown in an email, 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.”
Although the program has ceased, the 24 startups from the first two cohorts will remain part of the Techstars portfolio, benefiting from its global network and resources. Grossman also indicated that Techstars will continue engaging with Nigeria’s startup ecosystem, underscoring the significance of Lagos as a major hub for tech innovation in Africa.
The Lagos accelerator was launched as a joint effort between Techstars and ARM Labs, a Nigerian investment group, aiming to bolster Nigeria’s entrepreneurial landscape. Each startup in the program received up to $120,000 in funding, with Techstars investing about $2.4 million into startups like Surge Africa, PressOne Africa, GetEquity, and Flick.
Program leaders also announced their departure from ARM Labs Lagos Techstars. Managing Director Oyin Solebo shared a farewell letter in September, pledging to continue working in the African venture ecosystem, while Program Manager Oluwadunni Fanibe left in August to join Google as a mentor.
With the close of Techstars Lagos, the spotlight now shifts to Techstars’ ongoing initiatives globally and how it may continue to foster connections within the Nigerian and broader African tech community.
