The news:
- Canadian accelerator, Techstars Toronto, has just made its 100th investment in six years, and three Nigerian startups made the chohort
- The Nigerian startups are part of 24 companies the accelerator is investing in.
- It has previously invested in Nigerian startups such as TalentQL, Quidax, and Korapay.
Oval, Cutstruct, Chimoney, Payfi, and Reeple.ai are the latest Nigerian members of Techstars Toronto. They are part of the 24 startups that joined the Canadian accelerator, bringing its total number of investments to 100. Techstars Toronto has previously invested in TalentQL, Korapay, Raenest, and Treepz.
"With an astonishing number of applicants and only a 1 to 2% acceptance rate, we're fortifying our local tech scene. This 100th investment from our Toronto fund showcases our dedication to fostering innovation in Canada, and in emerging markets. Moreover, we are lifetime partners to these founders, with skin in the game," Sunil Sharma, Managing Director of Techstars Toronto, said in a statement seen by Techpoint Africa.
Techstars operates 53 accelerators across North America, Europe, Africa, and Asia, partnering with global organisations such as Audi, Cox Enterprises, and J.P. Morgan. In 2022, it launched the ARM Labs Lagos Techstars Accelerator, tapping Oyin Solebo to lead the team. This year, it unveiled its first cohort of 12 startups, including CDcare, Keza Africa, and Salad.
The 24 companies funded by Techstars Toronto this year cut across healthcare, fintech, autonomous drone delivery, and the creator economy. 45.8% of the companies in this cohort are based in Canada. While its primary focus is on Canada, 50% of this year's cohort was founded outside Canada, with Africa contributing 33.3% of this year's cohort.
With more than 3,500 investments since inception, Techstars is one of the most prolific investors globally and was the most active seed investor in Q1 2023. In June 2023, Solebo shared that Techstars' advantage goes beyond providing startups with capital. It also provides them with access to experienced mentors and perks from Google, AWS, and Brex. Its founders also join a network of more than 8,000 founders and over 20,000 investors.
