88mph calls on local investors to back 2014 fund, before heading overseas

88mph has had a busy year so far closing up its 2013 Cape Town programme, but the startup accelerator is showing no signs of slowing down as it now turns its attention to next year.

The priority is to begin fundraising for the 2014 fund, and the mobile-web centric programme wants local investors to get involved before it heads off overseas on 23 June to search for international investors. The ticket size is US$15 000 to US$100 000.

It might not be a lot of time, but 88mph has some impressive numbers to back up its performance. US$2-million has been committed across six of its startups and it reports that the fund is up more than 200% based on market valuations of the startups in the portfolio. The accelerator is also boosted by a newly formed partnership with accounting and consulting firm Grant Thornton who will manage the startups’ accounts and give quarterly management reports to all investors.

June 23 will see the next programme’s round close, and 88mph travel to key international tech cities – including New York, San Francisco, London, Singapore, Dubai and Zurich – to find international partners, investors, African diaspora and entrepreneurs to play their part in building up the next generation of startups coming out of Africa.

Co-investing opportunities still exist for a few of the 2013 graduates:

• Taxi-aggregating service Zapacab has one angel committed at US$50 000, but needs another US$50 000 USD to really get off the ground.
• Pre-paid electricity monitoring system, Homebug, has one angel committed at US$20 000, their new head of business development is putting in US$15 000, as well as getting some investment from 88mph. The startup is looking for one more angel that wants to put in another US$20 000.
• Mdundo, one of the Kenyan startups, has a convertible note open and currently US$75 000 USD committed, but is looking for US$75 000 more.

If you are interested in joining 88mph as an investor, or have some overseas contacts its members should meet, please reach out to the fund.