Duo partner to accelerate Nigerian mobile startups growth
African Tech Investors 88mph and L5Lab Partner to Accelerate Nigerian Mobile Start-Ups. The 440 accelerator, a joint venture between African seed investment companies 88mph and L5Lab, is set to invest a minimum of US$1.5 million in mobile and internet startups in Nigeria over two years, starting from September 1.
The programme which already runs in Kenya and South Africa, provides training, mentorship, tech advice, and an energising environment to African startups, and has to date invested more than US$2 million in capital.
88mph founder, Kresten Buch, during 440 formal launch in Lagos, Friday, told entrepreneurcountry that expanding to Nigeria was an important step for the fund.
"Nigeria is Africa's biggest market and with that in mind. 88mph covers what we believe are the three most important markets at this time as regards mobile services," he says.
Buch adds 440 was looking for all types of mobile or web service startups, at any stage, that have the ability to scale well.
In a speech, Chika Nwobi, managing partner, L5Lab, describes the collaboration as an opportunity to scale their company's impact by creating more Nigerian success stories, having made a small number of successful investments over the last 3 years.
Findings show 88mph's previous investments include gaming startup Gamsole, music streaming service Mdundo and taxi hailing service Zapacab, while L5Lab was an early investor in jobs' service Jobberman, car site Cheki and bus ticketing Oya.
Applications for funding open on May 1. 440 will make its first investments of between US$10,000 and US$100,000 during August.