African startup accelerator 88mph to expand to Nigeria
African tech startup accelerator 88mph is expanding to Lagos, Nigeria in the later part of 2014. The accelerator currently has operations in Nairobi and Cape Town, according to ZDNet.
88mph founder Kresten Buch said: "There's a lack privately funded initiatives run by experienced entrepreneurs [in Lagos]. You can't substitute that with government incubators and startup consultants that haven't built a business and don't have the pressure to deliver a return."
The startup accelerator was established in Kenya in 2011. To date, it has raised a total capital of $4.5 million from European and African investors. The company's three-month startup programs has helped back 34 companies already. As of now, 88mph is partnering with seed funding specialist L5Lab to launch a new venture called 440, the report detailed.
Kenya showbiz news site Ghafla, and Cape Town-based taxi network app Zapacab are among the startups included in 88mph's program. The company's most successful venture so far is online trade finance marketplace ApexPeak, ZDNet reported.