[updated] Kenyan startups speeding toward success at 88mph
88mph, an accelerator based in Nairobi, Kenya, has announced its
inaugural second class.
Eight startups started the 3-month accelerator program earlier this week. They include: Closet49, M-Pepea, Mdundo, Manyetta Rent, and Gamsole.
88mph is a seed investment fund focused on high-growth mobile/web markets in Africa. Prior to launching the accelerator, 88mph organized 48-hour investment bootcamps. The first event in 2010 resulted in one investment, a startup called MFarm. The second time around, in 2011, they choose three more startups. Altogether, 88mph has invested $180,000 in seven Kenyan startups.
For their new accelerator program they’ve committed a minimum of $200,000, or $24,000 per startup, in exchange for 6-18% equity.
Kresten Buch is 88mph’s managing partner. He says there are three main advantages to working in Africa: a large market, a young population, and plenty of opportunities within the mobile/web industry. "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."
For more on 88mph, go to: 88mph.ac