The seed investment fund, 88mph, is betting on the high growth mobile/web markets in
Africa. Last year it invested $180,000 in 7 Kenyan startups. It will now run Africa’s first
intense 3 month accelerator program – inspired by Y-Combinator – investing another
$200,000 spread across 8-15 startups.

Local talent and brain gain

88mph wants startups with ideas that can scale across english speaking Africa, which
has a population size larger than the USA, and 50% of the population is under 25.
The 88mph accelerator program is open to both local and international tech
entrepreneurs. 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.
The speed at which the mobile internet has reached the markets of Africa, now at 274
million Africans on Edge or 3G, has created a huge demand for local applications and
services catering to the young and growing middle classes of Africa. 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, provides the perfect landing for entrepreneurs with guts and a sense of
adventure. They offer office space, a great 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.

About 88mph
The team behind 88mph has previously hosted two investment events in Kenya. In 2010,
set up as 48-hour investment bootcamps, the first event resulted in an investment in M-
Farm. The second event, in August 2011, had 88mph invest in three additional startups.
Since it was started, 88mph has invested in a total of 7 startups – all targeting the African
mobile/web markets – one of which has raised follow-on funding and expanded into
Nigeria. 88mph is a privately backed fund.

Source: www.88mph.ac

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One Response

  1. Christoph Auer-Welsbach

    Wow, what an amazing development.I hope that this program is going to take care of the cultural aspects as well as set its primary goal to develop the environment and society to force entrepreneurship in the long-run.

    Reply

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