Techstars to invest $1.4m in African startups via accelerator
Techstars has revealed plans to invest a total of $1.4 million in 12 African startups participating in the second cohort of its pan-African accelerator program, in partnership with ARM Labs, a Lagos-based innovation program.
The 14-week immersive program will provide selected startups with up to $120,000 in funding each, along with access to over $400,000 in cash equivalent hosting, accounting, legal support, and other benefits totaling more than $5 million.
Beyond financial support, the program offers tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network, and targeted interactions with potential investors. This support aims to ensure that the selected startups have the resources and guidance needed to navigate their growth journey.
Key Takeaways
After a record-breaking 2022, where nearly $5 billion was raised, Africa's tech funding landscape experienced a slowdown in 2023. This funding contraction led to a more conservative approach from investors, emphasizing measured and strategic investments. Despite this, several investors and investment funds are still actively supporting startups across the continent. Techstars, known for its significant investments in more than 70 African startups, is adapting and expanding the scope of its investments with its second cohort. While the first cohort primarily focused on fintech and proptech startups, the second cohort has widened its scope to include startups in fintech, logistics, e-commerce, healthtech, renewable energy, and the future of work. This reflects a diversified investment strategy to support innovation across various sectors in Africa.
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