The ARM Labs Lagos Techstars Accelerator program has introduced its first class of 12 startups, fostering innovation across various sectors in Africa. This collaboration between Techstars, a global accelerator network, and ARM Labs, a venture capital firm focused on Africa, aims to empower African entrepreneurs through funding, mentorship, and access to a vast network.
A Blend of Local and Regional Talent:
The inaugural cohort is a compelling mix, with 10 Nigerian startups and 2 Kenyan ventures. This composition reflects the program’s commitment to nurturing talent across the continent while recognizing Nigeria’s burgeoning startup ecosystem.
Founders with Vision:
The selected startups showcase the ingenuity and problem-solving spirit of African entrepreneurs. Here’s a glimpse into some of the ventures:
- CDcare: Founded by Oluwatobi Odukoya, CDcare tackles limited access to credit by offering Nigerians a “buy now, pay later” model for acquiring essential products.
- Sidebrief: This startup, established by Eunice Olopade, Abdulwaheed Yusuf, and Usman Sotunde, simplifies navigating legal and administrative hurdles for African startups seeking to expand across the continent.
- Keza Africa: Led by Aisha Hussaini, Keza Africa addresses the challenge of smartphone affordability by providing financing options for both new and used devices, catering to a broader Nigerian market.
- Oystr Finance: Founded by Ifedolapo Lawal, Olusola Onajobi, and Omotayo Iginla, Oystr Finance empowers lenders with the infrastructure to offer microloans, leveraging alternative data sources like mobile money usage.
Addressing Pan-African Challenges:
The cohort tackles issues relevant not only in Nigeria but across Africa. Vittas, for instance, provides healthcare providers with access to financing for equipment and medication, while Towntalk offers logistics and FMCG companies real-time data analytics and insurance solutions.
Financial Inclusion and Innovation:
Fintech is a prominent theme within the cohort. Salary-on-demand service provider Salad, led by Folake Edun, Disun Vera-Cruz, and Tomiwa Erinosho, empowers employees to access their wages before the end of the month. Flick, founded by Ruth Olojede and Dipo Gbadebo, aggregates financial accounts, enabling users to manage finances and conduct transactions seamlessly.
Empowering Microfinance and Social Commerce:
Cladfy, led by a team yet to be disclosed publicly, tackles the challenge of limited credit access by providing microfinance lenders with tools for loan management, credit assessment, and communication. Peppa.io, founded by an undisclosed team, caters to the booming social commerce sector by offering online stores, payment solutions, and escrow services to merchants.
Investment for All:
alphabloQ, a Kenyan startup established by Trevor Kimani and John Mbui, democratizes investment opportunities by allowing Kenyans to invest with as little as Ksh10,000 ($80).
This diverse cohort signifies the potential of the African startup ecosystem. By providing these ventures with the necessary support, the ARM Labs Lagos Techstars Accelerator program has positioned itself as a catalyst for innovation and growth across the continent.
