Venture capital fund,\u00a088mph, says it has selected nine local start-ups for its accelerator programme\u00a0for 2013.<\/p>\n
88mph makes investments in early stage mobile-web companies targeting the African market, focusing purely on ideas with potential to scale across Africa.<\/p>\n
The group launched its three month accelerator programme in South Africa last year, aiming to\u00a0assists start-ups by providing them with investment, access to business networks and the know how to quickly grow their businesses.<\/p>\n
The group describes its recruitment process as “vigorous” to ensure that the best talent is found. And following\u00a0three months of vetting 400\u00a0applicants they were successfully narrowed down to nine “fascinating start-ups that solved a range of\u00a0interesting problems from adrenaline junkies to streaming African content”.<\/p>\n
\u201cWe had a large number of start-ups that applied and had the task of choosing the best. We chose\u00a0start-ups we thought would benefit most from the programme; they are all web mobile start-ups, so\u00a0only require seed money and a large network of mentors to get their businesses up and running,” said\u00a0Kresten Buch founder of 88mph.<\/p>\n
The selected few<\/strong><\/p>\n The selected start-ups include:<\/p>\n According to 88mph, the start-ups now have three months to ensure that they\u00a0are ready for Demo day on the 26 April, where they will showcase their achievements to potential\u00a0investors.<\/p>\n 88mph has already invested in a number of firms in Kenya, at a price of up\u00a0to $24,000 per\u00a0start-up for an\u00a0equity stake of\u00a06% -18%.<\/p>\n Regarding the company\u2019s name, in the cult sci-fi film, Back to the Future, the Delorean was required to reach a speed of 88mph before it could go back in time.<\/p>\n\n
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