Techstars, in collaboration with ARM Labs, has revealed the 12 selected companies for the second cohort of its African-focused accelerator programme. This immersive 14-week initiative aims to support and nurture promising startups by investing up to $120,000 in funding for each company. Additionally, participants will gain access to $400,000 in cash equivalent support, lifetime membership in the Techstars global network, and invaluable company-building support and mentorship.
Expanding the Focus
Building on the success of the inaugural cohort, which concentrated on fintech and proptech companies, the second cohort takes a broader approach. The accelerator has widened its scope to include entrepreneurs leveraging technology, data, and intelligence to address the needs of diverse populations in terms of size, youth, income, and digital access. This expansion aims to support startups that are making a positive impact on both Africa and the world.
The selected startups hail from Ghana, Nigeria, and East Africa, showcasing a diverse range of industries. The investments span fintech, logistics, eCommerce, healthtech, renewable energy, and the future of work. Notable startups in the cohort include GetEquity, JumpnPass, PBR Life Sciences, PressOne Africa, Rana, 24Seven, Surge Africa, Swoove, One Plan, Beauty Hut, Veend, and Eight Medical.
Meet the Innovative Startups:
- GetEquity: Facilitating access to investment opportunities by reducing entry barriers through investment aggregation across various asset classes.
- JumpnPass: A mobile self-checkout platform for modern retail, enabling shoppers to use their smartphones for product scanning, payment, and skipping queues.
- PBR Life Sciences: Providing pharmaceutical, consumer healthcare, and medical device companies with quick access to high-quality market data and insights.
- PressOne Africa: Offering deeper insights into customer phone conversations through a communication platform with conversation intelligence and call monitoring.
- Rana: Democratizing access to clean and reliable solar systems for SMEs and residential customers through affordable long-term solar subscriptions.
- 24Seven: An asset-light marketplace facilitating small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery.
- Surge Africa: Enabling instant cross-border transfers and reducing fees for individuals, micro-entrepreneurs, and MSMEs.
- Swoove: Providing dispatch automation, fleet management, tracking, and telematics for logistics companies in emerging markets.
- One Plan: Helping workers in Africa’s informal economy create affordable financial plans for retirement, credit, and health and life insurance coverage.
- Beauty Hut: Bridging the gap between beauty brands and consumers through efficient product distribution and marketing channels via its eCommerce platform.
- Veend: Empowering individuals and businesses with verifiable income to access funds on-demand.
- Eight Medical: An end-to-end healthtech platform connecting users to emergency medical resources, reducing waiting times significantly.
Supporting African Innovation
Oyin Solebo, the Managing Director Lead of the accelerator, expressed excitement about the wealth of talent, innovation, and ingenuity within the African tech ecosystem. She emphasized the importance of providing comprehensive support, including financial backing, technical assistance, and network access, to help these startups build resilient businesses and realize their full potential in the dynamic market landscape.