Techstars Lagos, a startup accelerator program launched in 2022, has shut down its operations in Nigeria after two years. The program, which was a partnership between Techstars and ARM Labs, has discontinued its third cohort, which began in March 2024.

The shutdown was confirmed by Techstars' global Chief Brand and Communications Officer, Matthew Grossman, who stated that the partnership with ARM Labs had ended. Despite the shutdown, the 24 founders and their companies funded by ARM Labs Lagos Techstars will remain Techstars portfolio companies and continue to have access to the global Techstars network.

Techstars Lagos had invested around $2.4 million in startups, including Surge Africa, Rana, PressOne Africa, and others. The program's Managing Director, Oyin Solebo, will continue to operate in the African venture ecosystem, while Program Manager Oluwadunni Fanibe has moved on to join Google as a mentor.

The shutdown of Techstars Lagos marks a significant development in Nigeria's startup ecosystem, which has seen significant growth in recent years. The program's closure will likely have implications for the local startup community, which had benefited from the accelerator's resources and network.