88mph to Invest $200k in Mobile/Web markets

July 21, 2012 Editor 0

Tech companies in Africa have had to deal with scalability, funding, sustained growth, mentorship , and product pricing (Impact of ICT Hubs on African Entrepreneurs,2012).

Now, Nairobi based accelerator 88mph is investing $200,000 in start-ups (up to $24k per start-up) across Africa. This fund is targeting start-ups with ideas that can scale across English-speaking Africa.

The combination of a large market, young population and opportunities within the mobile/web industry makes this accelerator attractive to any tech entrepreneurs who are looking to solve real challenges.

“We believe there is an outstanding opportunity for commercial mobile/web companies in this market. There is, however, a need for early stage, risk-willing funding and the support a program as ours aim to offer. We want to create success stories so other entrepreneurs come to us and say Cool, I want to do that too!” Nikolai Barnwell, 88mph.

More Details on the $24k per start-up Fund:

• Deadline August 15, 2012
• Startups can apply now on 88mph.ac
• The $24k investment will take a 6 – 18% 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
• 88mph is a privately backed seed fund
• Besides funding, the accelerator program includes exposure to 88mph’s mentors & networks of business and tech professionals, like Johanna Kollar, from Startup Support Africa at Google, Larry Madowo, Anchor at CNBC Africa, and Ranjith Cherickel, Head of Services Sales, Nokia Siemens Africa
• 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

Click here to read more on “Why Invest in Africa’s Mobile Space”.

 

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Categories: mLab

Tags: africa, fund, mobile, nairobi, startup