After the launch of Savannah fund, Africa is seeing the launch of another accelerator fund looking to spur innovation in the continent. 88mph looks to run Africa’s first intense 3-month accelerator program investing a minimum of $200,000 spread across 8-15 start-ups initially.
The new accelerator program is open to both local and international tech entrepreneurs. With the interest in the African continent from foreign owned entities, Africans might just be left with owning the ideas and minority stake in the successful ventures. 88mph looks to harness the power of the large market African market coupled with a young population and opportunities within the ICT industry.
Launching the fund, Kresten Buch, founder of 88mph comments,
“Looking 2-5 years ahead, the US and Europe will be stagnating at best. I think the biggest opportunities for return on investment will be in Africa and other emerging markets. Our accelerator program is a great opportunity for international tech entrepreneurs and returning diaspora to come, take advantage of the insane growth here, and work on solving some really interesting problems.”
88mph offer office space, a local network, market knowledge, cash and, “a one way plane ticket”, Kresten jokes. “One of the reasons for the success of other tech/investment ecosystems, like Silicon Valley, has been the influx and mix of talent and ideas from across continents and cultures”, Nikolai Barnwell, program manager at 88mph, points out.
Up to $24,000 available per startup. Details:
- Applications to 88mph close on August 15th
- Startups can apply now at 88mph.ac
- The $24k investment will take a 6 to 18 percent equity stake in each startup
- Altogether 8 – 15 teams will receive an investment and get accepted into the 3-month program
- The teams will be notified if they have been accepted to the program by Sept 5th
- Program starts on September 15th in the 800m2 88mph Garage in Nairobi, Kenya
- Besides funding, the accelerator program includes exposure to 88mph’s mentors & networks of business and tech professionals
- Startups in the program will have access to tech hubs in Nairobi and Cape Town, as well as to 88mph’s partner tech hubs across Africa.
Since it was started, 88mph has invested in seven startups – all targeting the African mobile/Web markets – one of which has raised follow-on funding and expanded into Nigeria.
The startups include Tusqee, Ghafla and 6ix Degrees, Futaa.com, PesaTalk, Hivi Sasa and Drugs.co.ke.