The Toronto and Lagos accelerators boosted acceptance rates in 2022 and 2023
Key takeaways
Techstars three-month accelerators happen in different locations across the world.
The ARM Labs Lagos Techstars Accelerator admitted ten startups between 2022 and 2023.
2022 and 2023 account for 69% of all Nigerian startups admitted into a Techstars accelerator.
Techstars Toronto Accelerator admitted more Nigerian startups than any other location.
Techstars accelerators occur in many locations across the world in partnership with some of the world's largest companies. It has invested in over 4,000 companies, including MAX, the first Nigerian startup to attend a Techstars accelerator.
Eighty-eight African startups have participated in the accelerator, including 42 Nigerian startups. With 48% of Africa's Techstars alumni, Nigeria accounts for the largest share of African startups admitted into the programme, boosted by admissions into the Toronto and Lagos accelerators in 2022 and 2023.
In 2024, Techstars announced the closure of its Lagos office and a pause in Toronto — two locations that admitted a significant number of Nigerian startups — as part of its efforts to double down on cities with significant venture capital activity. This is partly responsible for the sharp decline in Nigerian startups in the accelerator in 2024.
AI startups are growing in the innovation race in 2024, with ten companies from Forbes' AI 50 list collectively securing $29.5b in funding. OpenAI dominates the landscape with an impressive $11.3b, surpassing all other startups. Following OpenAI is Anthropic, which raised $7.7 billion, signalling significant investor confidence in companies driving large-scale AI advancements. These two companies alone account for over half of the total funding of all Forbes AI 50 firms.
Databricks, a name synonymous with data infrastructure, comes in third with $4 billion in funding, emphasising the critical need for scalable data management systems in the age of AI. Meanwhile, Anduril, a defence technology innovator, secured $2.8 billion, showcasing how AI also shapes defence and national security sectors. Notably, the funding sharply drops after these four, with other companies raising less than $800m
Note: Forbes’ AI 50, in partnership with Sequoia and Meritech Capital, highlights the top private startups advancing AI with the most promising business applications.
In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.
Moove Africa's total disclosed funding as of March 19, 2024, comprises 41.6% debt financing, 22.5% Series B, 19.8% Series A, 14.9% private equity, and 1.2% Seed round.
In its second funding disclosure in 2024, Moove Africa has raised $100 million in a Series B round. The startup has disclosed funding at least twice yearly since 2021 and six times in 2022. The total disclosed funding now totals $444M.
Techstars accelerators occur in many locations across the world in partnership with some of the world's largest companies. It has invested in over 4,000 companies, including MAX, the first Nigerian startup to attend a Techstars accelerator.
Eighty-eight African startups have participated in the accelerator, including 42 Nigerian startups. With 48% of Africa's Techstars alumni, Nigeria accounts for the largest share of African startups admitted into the programme, boosted by admissions into the Toronto and Lagos accelerators in 2022 and 2023.
In 2024, Techstars announced the closure of its Lagos office and a pause in Toronto — two locations that admitted a significant number of Nigerian startups — as part of its efforts to double down on cities with significant venture capital activity. This is partly responsible for the sharp decline in Nigerian startups in the accelerator in 2024.