Accelerator programme slated to begin in August 2022.
The ARM Labs Lagos Techstars Accelerator programme is a partnership between ARM and Techstars, an American seed accelerator, focused on providing funding and support to fintech and proptech start-ups poised to use innovation in solving problems across Africa.
Speaking at the event which had startups and organisers of the accelerator programme in attendance, amongst others, the Chief Executive Officer, ARM, Jumoke Ogundare, described the future of financial services as fintech, stating that technology had continued to transform fintech and startups to become more agile and efficient in innovating quickly.
“To be at the forefront of change and support, startups are the basis for ARM’s collaboration with Techstars to birth the accelerator programme,” Jumoke said.
She said the collaboration would contribute to the country’s economic growth in the areas of employment, reaching the unbanked people and promoting social development.
Speaking about the partnership with Techstars, the Director for Digital Transformation, ARM, Ina Alogwu, said the firm was a global accelerator company that had run 50 such programmes in 35 cities in 14 countries across the world.
According to Ina, Techstars had a portfolio of about 3, 000 companies that had passed through its various programmes worldwide and invested $21.3 billion, adding that the startups that passed through Techstars programmes typically raised on average of about $ 1 million.
Speaking further, he pointed out that 12 startups in the accelerator programme would get a collective $120, 000 in investment and equity. They will also get access to over 7, 000 mentors in the Techstars’ network and 20, 000 global investors in the same network.
Chief Executive Officer, Techstars, Maelle Gavet, revealed that Techstars had been active in Africa since 2011.
She said that having seen an increasing number of African founders applying to their programmes, they decided to establish a presence on the continent. This decision sparked the relationship and eventual partnership with ARM, a firm which shared a common passion for innovation and seeing startups succeed.
