88mph Opens Applications for Startup Fund and Accelerator Program in Nairobi
88mph, an early stage startup fund and 3 month accelerator program has opened applications for Nairobi. The program assists start-ups by giving them investment of up to a 100k, access to business networks and the know how to quickly grow their businesses.
Through the program, 88mph looks to fund strong teams and web-mobile ideas that have the ability to scale across English speaking Africa.
Apart from funding, the 88mph team in Nairobi looks to add more value for the startups:
- A partnership with Google has enabled the right space and internet resources to build tech companies, as well as access to Google’s experienced web professionals who can mentor the startups.
- A host of highly experienced local Kenyans and global mentors have been added to the already top-notch 88mph mentor network.
- Furthermore, “Entrepreneurs-in-residence” – experienced entrepreneurs, specialized in sales, programming & web design – are being brought in from across the world to work side by side with the local startupsduring the 3-month acceleration.
- Finally, 88mph arranges a demo day, where the startups will get access to a group of investors and showcase what they’ve achieved so far.
Last year 88mph invested in 6 web-mobile startups in Nairobi. The 3-month program to accelerate the growth of the startups in Nairobi last year saw one startup end up with confirmed follow on funding.
‘I’ve seen a wealth of talent infused in Nairobi within the past couple of years,” says Carey Eaton, co-Founder, One Africa Media and CEO, Cheki Africa Media.”88mph and the ecosystem brewing here are making a very significant contribution to building technology companies in the region to another level, building the next great wave of web and mobile businesses that solve African problems. I’m looking forward to following these startups closely throughout the program.”
The fact that 274 million mobile web subscribers in Africa are on Edge or 3G has created a huge demand for local applications and services catering to the young and growing middle classes of Africa. 88mph claims to have invested over $750,000 into 23 early stage start-ups in Africa.
More information about the funding;
• Application deadline is midnight July 15th, 2013
• Startups can apply now on 88mph.ac
• 88mph invests up to $100k per startup
• Equity will depend on the startup company valuations, which could range from $100k to $1mil
• 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 August 1st, 2013
• Program starts on August 26th at the 88mph Garage in Narobi, Kenya
• Startups in the program will have access to tech hubs in Cape Town, as well as to 88mph’s partner tech hubs across Africa