The ARM Labs Lagos Techstars accelerator program in Nigeria has ceased operations after two years. The third cohort program, which started in March 2024, has been discontinued. Techstars’ global Chief Brand and Communications Officer, Matthew Grossman, confirmed the shutdown. The 24 founders and their companies funded by ARM Labs Lagos Techstars will remain as Techstars portfolio companies and will continue to have access to support from the global Techstars network. Despite the shutdown, there is optimism about collaborating with the local startup community. Techstars had partnered with ARM Labs to bring the accelerator program to Lagos in December 2022, running two cohorts and supporting 24 startups. By 2024, Techstars had invested around $2.4 million in startups from the program. The Managing Director of the program will continue operating in the African venture ecosystem, while the Program Manager has moved on to join Google as a Mentor.
Techstars Lagos shuts down after two years and 24 investments
