88mph, accelerator and investment fund, has opened applications for its second Cape Town programme, and has brought in new talent to head up the programme.
During the three-month accelerator programme, which begins in February, 2014, start-ups will receive mentoring, access to networks, technical infrastructure and workspace, in exchange for an equity stake. The
programme concludes with Demo Day where start-ups pitch for follow-on funding.
Dan Bowyer, who will be sourcing potential investments and overseeing the existing portfolio, says a “state of excited anticipation” would remain until applications close on 31 December.
“Africa is the continent of invention and we are front and centre, asking entrepreneurs to commit to their innovative business ideas that can make money and do great things. In return we are offering up to US$100 000
seed funding to get their idea off the ground,” he says.
88mph ran its first programme in Cape Town between February and April this year, with participating start-ups including taxi calling service Zapacab, payment solutions specialists Peach Payments, tradesman platform
Near A Builder, electricity monitoring company Homebug, video streaming service Wabona and Easy2Map’s #mydoorhandle.
The accelerator programme in Nairobi, Kenya, is currently taking place, with 88mph having invested US$500 000 in eight start-ups chosen from more than 300 applications from around the world.