Two years after its launch, ARM Labs Lagos Techstars, the Nigerian accelerator program by global venture capital firm Techstars, has closed down. The program, also known as Techstars Lagos, has halted operations and discontinued its third cohort, which started in March 2024.
Techstars’ Global Chief Brand and Communications Officer, Matthew Grossman, confirmed the shutdown via 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.”
Despite the closure, the 24 startups funded through ARM Labs Lagos Techstars will remain part of Techstars’ global portfolio and continue to access the firm’s extensive network. “We remain optimistic about collaborating with the local startup community to maintain our presence in this vibrant innovation hub,” Grossman added.
The ARM Labs Lagos Techstars accelerator launched in December 2022, offering a three-month program that provided up to $120,000 in funding per startup. Over its two cohorts, Techstars invested roughly $2.4 million in 24 Nigerian startups, including names like Surge Africa, Rana, PressOne Africa, and Oystr Finance. The program brought valuable mentoring and funding to the Nigerian startup ecosystem, quickly establishing Techstars as a key player in Lagos’ growing tech landscape.
Techstars’ Managing Director Oyin Solebo, who oversaw the Lagos program, expressed her gratitude in a farewell letter, saying she would remain active in Africa’s venture ecosystem. Program Manager Oluwadunni Fanibe also left the team in August, joining Google as a mentor.
