Key Developments

Techstars Selects 12 African Startups for its Second Cohort for Lagos Accelerator Program

Techstars, a global accelerator renowned for its active investment in the African continent, has unveiled its second cohort for the Lagos-based accelerator program.
In partnership with Nigerian accelerator ARM Labs, the initiative will inject a total of $120,000 into a diverse range of startups spanning Ghana, Nigeria, and East Africa.

This marks a significant development, as Techstars, boasting a portfolio of over 3,000 companies globally, is poised to play a crucial role in propelling the growth of these 12 selected enterprises.
Beyond substantial financial backing, the startups, four of which have at least one female co-founder, will receive extensive support exceeding $400,000 in cash-equivalent value. This includes valuable resources such as hosting, accounting, legal assistance, and various other benefits amounting to over $5 million.

While 2022 witnessed a remarkable $5 billion raised in African tech, 2023 saw a funding slowdown, prompting a more cautious approach among investors. 
However, Techstars remains undeterred, extending its support beyond the traditional realms of fintech and proptech.
This cohort reflects a diversified portfolio, encompassing sectors like logistics, e-commerce, healthtech, renewable energy, and the future of work.

Meet the Innovative Startups:

1. 24Seven: An asset-light marketplace facilitating small businesses with credit-based inventory ordering and one-hour doorstep delivery.

2. Beauty Hut: An e-commerce platform enabling users to shop from their favorite beauty brands via a web store and mobile app.

3. Eight Medical: An end-to-end platform connecting users to emergency medical resources, reducing waiting times significantly.

4. GetEquity: Facilitating access to investment opportunities by SEC-accredited providers through investment aggregation.

5. JumpnPass: A mobile self-checkout platform allowing shoppers to scan product barcodes, pay for items, and skip queues.

6. One Plan: Assisting workers in Africa’s informal economy to create affordable financial plans for retirement, credit, and insurance.

7. PBR Life Sciences: Providing pharmaceutical, consumer healthcare, and medical device companies with access to high-quality market data.

8. PressOne Africa: Offering businesses deeper insights into phone conversations through a communication platform.

9. Rana: Democratizing access to clean and reliable solar systems for SMEs and residential customers through affordable subscriptions.

10.. Surge Africa: Enabling instant cross-border transfers and reducing fees for individuals, micro-entrepreneurs, and MSMEs.

11. Swoove: Empowering logistics companies in emerging markets with dispatch automation, fleet management, and tracking.

12. Veend: Enabling individuals and businesses with verifiable income to access funds on-demand.

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