Techstars, the most active startup investor in Africa, has announced its second cohort of 12 companies to participate in its pan-African accelerator program in partnership with Lagos-based innovation program, ARM Labs.
The 2023 cohort, selected from over a thousand applications, delivers tech-enabled solutions across various verticals in Sub-Saharan Africa.
The cohort comprises startups operating in Ghana, Nigeria, and East Africa, and has four teams with at least one female co-founder.
The 14-week immersive program will see Techstars invest up to $120,000 in funding in each startup as well as provide them with access to over $400,000 in cash equivalent hosting, accounting, legal support, and other benefits worth more than $5M. The selected startups will also receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network, and targeted interactions with prospective investors to ensure that the continuum of follow-up capital is available as they grow. By partnering with ARM Labs, founders are also exposed to ARM’s local network, research and insights, and decades-long financial advisory expertise.
The selected companies are, in alphabetical order:
1. 24Seven
Founder: Olufemi Idowu
Description: 24Seven is a marketplace designed to assist small businesses and convenience stores. Their platform facilitates inventory ordering on credit, ensuring one-hour doorstep delivery. Their asset-light approach enables swift transactions and supports small businesses by enhancing their inventory management capabilities.
2. Beauty Hut
Founder: Subuola Oyeleye
Description: Beauty Hut functions as a bridge between beauty brands and consumers through efficient product distribution and marketing channels. With an e-commerce web store and mobile app, they streamline access to various beauty products, catering to the evolving demands of the market.
3. Eight Medical
Founder: Dr. Ibukun Tunde-Oni
Description: Eight Medical revolutionizes emergency medical access through an end-to-end platform. It swiftly connects users to crucial resources such as hospitals, ambulances, personnel, and information. Their innovation significantly reduces wait times, ensuring quicker access to essential medical assistance.
4. GetEquity
Founders: Jude Dike, Temitope Ekundayo, Chigozirim Ugochukwu
Description: GetEquity aims to democratize investment opportunities. By aggregating investment options across asset classes from SEC-accredited providers, they reduce entry barriers, making investment opportunities more accessible.
5. JumpnPass
Founders: Tunde Ademuyiwa, Qudus Quadry
Description: JumpnPass introduces a mobile self-checkout platform for modern retail experiences in Africa. Their technology allows shoppers to use smartphones for scanning product barcodes, making payments, and bypassing long queues, enhancing the shopping experience.
6. One Plan
Founder: Harold Awuah-Darko
Description: One Plan focuses on providing affordable financial plans for workers in Africa’s informal economy. They offer accessible retirement planning, low-interest credit access, and health and life insurance coverage, ensuring financial security.
7. PBR Life Sciences
Founder: Ayodeji Alaran
Description: PBR Life Sciences empowers pharmaceutical and healthcare companies by offering comprehensive market data and insights. Their platform aids in making informed decisions on product pricing, volumes, and company strategy, facilitating objective business choices.
8. PressOne Africa
Founders: Mayowa Okegbenle, Opeyemi Shokunbi, Unoma Adeyemi
Description: PressOne Africa specializes in providing deeper insights into phone conversations for African businesses. Their communication platform offers conversation intelligence and call monitoring, optimizing customer interaction.
9. Rana
Founders: Abraham Mohammed, Mubarak Popoola
Description: Rana focuses on democratizing access to clean and reliable solar systems in Africa. They offer affordable long-term solar subscriptions, eliminating the need for expensive and toxic backup generators.
10. Surge Africa
Founders: Kumar Shourav, Ebrahim Essop
Description: Surge Africa facilitates instant cross-border transfers and payments for individuals, micro-entrepreneurs, and MSMEs. Their platform significantly reduces transfer fees, enabling cost-effective financial transactions.
11. Swoove
Founders: Kwaku Tabiri, Kingsley Amponsah, Gloria Pascucci, Robert Quainoo, Kevin Blankson
Description: Swoove empowers logistics companies in emerging markets. They offer solutions for dispatch automation, fleet management, tracking, and telematics, streamlining the delivery network in these regions.
12. Veend
Founders: Olufemi Olanipekun, Ebenezer Ajayi
Description: Veend addresses financial needs by enabling individuals and businesses with verifiable income to access funds on demand. They cater to emergency fund requirements and working capital needs, ensuring financial flexibility.