A Dutch investment fund is looking for web and mobile technology entrepreneurs to invest some $200,000 in 8-15 start-ups by September this year.
Last year, the fund named 88mph invested $180,000 in 7 Kenyan startups and is now seeking to expand its portfolio across the continent in three months.
The fund plans to invest $24000 in each start-up and take up a 6% to 18% equity stake in the company.
To accelerate the growth of start-ups 88mph plans to run a 3-month intense accelerator programme and help technology entrepreneurs gain investment tips.
Founder, Kresten Buch, says the combination of a large market, young population and opportunities within the mobile and web industry makes the accelerator programme attractive to technology entrepreneurs looking to solve real challenges.
"Looking two to five years ahead, the US and Europe will be stagnating at best. I think the biggest opportunities for return on investment will be in Africa and other emerging markets," said Buch.
“Our programme is a great opportunity for international tech entrepreneurs and returning diaspora to come, take advantage of the growth here and work on solving interesting problems," he added.
Successful candidates are to be allocated office space, local networks, market knowledge and access to technology hubs in Nairobi and Cape Town.
Business and tech professionals including Johanna Kollar from Startup Support Africa at Google and Ranjith Cherickel, head of services sales at Nokia Siemens Africa, will be available to offer mentorship and support.
"One of the reasons for the success of other technology ecosystems like Silicon Valley has been the influx and mix of talent and ideas from across continents and cultures", said Nikolai Barnwell, programme manager at 88mph.
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