88mph opens 2014 fundraising

88mph opens 2014 fundraising

Kresten Buch, founder of 88mph, and an eVA Fund investor at the 88mph Demo Day Test Drive in Cape Town.

African startup accelerator 88mph has extended an invitation to investors as funding acquisition gets underway for its 2014 programme.

Having receive US$2 million in investment for six South African startups since Demo Day in May, 88mph is now seeking funds for another eight to ten ventures for the programme to be repeated next year.

Sizes of investment range from US$15,000 to US$100,000 with South African investors favoured.

Kresten Buch, founder of 88mph, put the high rate of investments in the programme down to the exceptional assistance provided by both the accelerator and its partners to the startups.

Speaking to HumanIPO, Buch said: “It’s absolutely essential to be able to get the best talent and we think we offer the talent the best deal.”

Fundraising will close on June 23, whereafter the 88mph team will be leaving for a world tour which will take in visits to New York, San Francisco, Singapore, Dubai and Zurich in July and August.

With the goal of attracting international investment partners, the trip is also open to discover the African diaspora and entrepreneurs with an African business interest.

The South African office will be left in the hands of Chris Steyn, an investor who recently joined the 88mph team.

Other partner additions include Grant Thornton as part time chief financial officer (CFO).

HumanIPO reported recently on 88mph’s Kenyan startup applications opening, with one entrant having the chance of taking part in a Silicon Valley-based summer programme in the United States.

Posted in: Startups

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