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12 African startups have been selected for it’s first ever Accelerator Program in Lagos

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The ARM Labs Techstars Accelerator Program, a Lagos-based hybrid program to build early-stage African fintech and proptech startups, is delighted to announce its inaugural class of 2023. The cohort is made up of 10 Nigerian and 2 Kenyan startups, with 50% female CEOs.

The selection process was extremely competitive and rigorous. Beyond applying, the founders went through several interviews with members of the Techstars global team, and a final interview with Techstars Managing Director, Oyin Solebo and a 15 member screening committee. Some members of this committee included Ashim Octerra – Managing Partner, Octerra Capital, Olumide Soyombo – Voltron Capital, Charlene Chen – Former COO of AZA Finance among others.

“The excitement of supporting an accelerator program lies in the potential to ignite the spark of innovation and watch as it 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,” said Ina Alogwu, Group Director, Digital Transformation, ARMHoldCo. “We are therefore excited to announce an exciting group of 12 startups in the maiden ARM Labs Lagos Techstars Accelerator.”

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The startups were chosen for their team strength, and potential to become leaders in fintech or protech. They officially began the 13-week program on the 5th of December 2022, and have had engagements with over 90 mentors and speakers including Tunde Kehinde – Co-founder & CEO, Lidya, Bode Abifarin- COO, Flutterwave, Fara Ashiru Jituboh – Founder & CEO, Okra and Amandine Lobelle – COO, Paystack.

“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.”

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The accelerator’s provision of $120,000 in funding for each of the startups, as well as training and a vast investor network will be significant in the growth and longevity of the cohorts. Demo day is set for the 16th of March 2023.

“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.”

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Techstars is banking on Africa’s innovative potential, and their presence in Lagos–Africa’s startup capital–further validates the continent as a rapidly evolving player in the global tech ecosystem.

“We all know that whilst talent is equally distributed, opportunity is not,” said Techstars Managing Director, Oyin Solebo. “By 2050, a quarter of the world’s people will be African. Yet it receives 2% of venture funding. Solutions out of Africa have the potential to not only move the continent forward economically and socially, but also to benefit the world at large. ”

Below is the inaugural cohort of the ARM Labs Lagos Techstars Accelerator Program:

alphabloQ

alphabloQ is a real estate investment platform founded by Trevor Kimani and John Mbui. The startup’s mission is simple- to reduce the entry barrier for real estate investors by enabling investors to purchase a fraction of income-generating properties.

peppa.io

peppa.io, founded byBanky Alao, Bridget Yadua-Soremekun and Emmanuel Obute, is making it safer to buy on social platforms for Africans through the use of payment protection.

CDcare

CDcare is making it easy for Africans to own gadgets, appliances, cars and more at zero interest, through smart installment plans. The company was founded by Tobi Odukoya and Deji Farohun,

Cladfy

Founded by Ebby Gatamu and Kibe John, Cladfy provides microfinance lenders with credit profiling, digitised loan management, and access to affordable, reliable financing.

Flick

Flick is building PayPal for Africa; enabling users to connect multiple bank accounts and pay directly from one source, making payments 7x faster. Ruth Olojedeand Dipo Gbadebo are the founders of the company.

Keble

Keble, founded by Emmanuel Oballa, Agulanna Josemaria, Adebisi Borokinni and Valentine Offiah, enables Africans at home and abroad to purchase fractional shares of global real estate for as low as $10.

Keza Africa.

Keza is powering smartphone financing by enabling people to buy brand-new and certified pre-owned smartphones on a flexible payment plan. Keza Africa was founded by Aisha Hussaini.

Salad

Salad was founded by Chikodi Ukaiwe and Seunfunmi Omotunde and is providing employees with access to financial services and benefits beyond their monthly paycheck.

Sidebrief

Sidebrief simplifies the process of starting and scaling a business across borders, with its one-stop solution for registration, banking and regulatory compliance. The company was founded by Eunice Olopade, Abdulwaheed Yusuf and Usman Sotunde,

Towntalk

Towntalk, founded by Folake Edun, Disun Vera-Cruz and Tomiwa Erinosho, is building Area!–a protection platform giving companies peace of mind when moving goods and people from point A to B, by providing real-time location and behavioural analytics, vehicle tracking and access to insurance providers.

Vittas

Vittas is a digital lender for healthcare providers, using machine learning, partnerships and embedded 3rd party SaaS solutions to provide loans for the purchase of medications and medical equipment.Vittas was founded by Sulav Singh, Collins Uche and Eric Okemmadu.

Oystr Finance

Founded by Ifedolapo Lawal, Olusola Onajobi and Omotayo Iginla, Oystr is democratizing credit in Africa. The company provides lenders with an infrastructure to help them launch low-risk micro-loan products, grow their portfolios and expand into new markets in less than 30 minutes.

About Techstars

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,500 companies with a combined market cap of more than $220B. www.techstars.com

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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