88mph, accelerator and investment fund has opened applications for its second Cape Town programme, and has brought in new talent to head up the program.
During the three-month accelerator programme, which begins in February, 2014, startups will receive mentoring, access to networks, technical infrastructure and workspace, in exchange for an equity stake. The programme concludes with Demo Day where startups pitch for follow-on funding.
88mph Program Manager Dan Bowyer (pictured right), who will be sourcing potential investments and overseeing the existing portfolio, said a “state of excited anticipation” would remain until applications close on December 31.
“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$100k seed funding to get their idea off the ground,” he said.
88mph ran its first programme in Cape Town between February and April this year, with participating startups 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 startups chosen from more than 300 applications from around the world.