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Duo partner to accelerate Nigerian mobile startups growth

Written by Nonso Ndumanya Wednesday, 19 March 2014.

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.

shutterstock 157563671 1The 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.

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About the Author

Nonso Ndumanya

Nonso Ndumanya

Nonso Ndumanya is a freelance writer for entrepreneurcountry, where he writes and edits content on electronic commerce, tech and digital innovation in relation to entrepreneurship. Prior to the role, he was an industry analyst at BusinessDay Newspaper for about two years, covering real sector and SME segment of the Nigerian economy, being nominated for FATE Foundation SME Journalist Award in 2012.

Nonso's background in journalism spans across print and online. He recently did a six-month stint at one of Nigeria's leading web portal,, as a content creator, where he worked with the editorial team to translate broadcast pieces into online stories, creating engaging multimedia content for news articles, information graphics, editorial projects and social media.

He holds Masters degree in Economics and Finance from the University of Glasgow, UK