ARM Labs Lagos Techstars, a startup accelerator program, has shut down after two years of operation in Nigeria. The program was launched in December 2022 in partnership with ARM Labs and had invested $2.4 million in 24 startups across two cohorts.
Techstars is a global venture capital accelerator with over 4,500 portfolio companies. It partners with local organizations to bring its three-month program to various cities worldwide. In Lagos, the program supported startups with up to $120,000 in funding and access to a global network of mentors and investors.
Founded by Oyin Solebo, ARM Labs Lagos Techstars aimed to support Nigerian startups and build a vibrant innovation hub. However, the program has ended its partnership with ARM Labs and will discontinue its third cohort, which began in March 2024. Despite this, the 24 startups funded by the program will remain part of Techstars’ portfolio and continue to receive support.
The shutdown is part of Techstars’ global restructuring efforts. The company has closed several accelerator programs worldwide, including in Austin, Toronto, Seattle, Sweden, Boulder, and Norway. This decision follows a significant layoff of 17% of its workforce and the end of its $80 million J.P. Morgan-backed Advancing Cities program.
Techstars’ Managing Director, Oyin Solebo, has left the company, and Program Manager Oluwadunni Fanibe has joined Google as a Mentor. Despite the shutdown, Techstars remains optimistic about collaborating with the local startup community and maintaining its presence in Lagos.
Grossman added that while the ARM Labs Lagos program will not continue, Techstars is optimistic about engaging with Nigeria’s startup community in other ways, viewing the region as a valuable innovation hub. The program’s legacy of connecting startups, investors, and mentors has contributed to a supportive ecosystem for local entrepreneurs, enabling them to scale and succeed on both local and global levels.
