Nairobi-based incubation hub and private seed fund, 88mph has announced the decision stop investing in African startups. The accelerator will however continue to support every startup it already backs. They just won’t be taking on any new projects any more.
“We will focus on working with the companies we have already funded to get some good return for our investors and founders,” said 88mph founder Kresten Buch, “So, if you are a startup looking for funding in these markets, then we will unfortunately not be able to help you at the moment.”
Up until this announcement, 88mph has been providing seed funding to startups in Kenya and South Africa since 2011. In 2014, through a collaboration with local investment company L5Lab, they began supporting Nigerian startups. The resulting joint venture, 440ng announced it’s maiden $1.5 million accelerator programme for 9 selected Nigerian startups in October, 2014.
In May of 2014, the company re-branded to become ‘Nairobi Startup Garage’. However, it is still popularly known as 88mph.
Source: Disrupt Africa.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.