Technology start-up firms in Nigeria will from August benefit from funding and incubation services offered by seed fund 88mph.
This comes after 88mph founder and CEO Kresten Buch revealed the firm intends to expand its reach into Africa’s most population nation after concentrating in South Africa and Kenya.
In an exclusive interview with Africa Business, Buch said seed investor and accelerator will start investing in Nigeria from August to help entrepreneurs build products and businesses that positively impact business and consumers across all sectors of the economy.
“We are starting to invest in Nigeria from August this year because from an entrepreneurial and market perspective, it’s very attractive,” he said.
Apart from benefiting in funding, start-ups in Nigeria will access 88mhp services that include incubation and training.
Buch said that 88mhp offers entrepreneurs pressure, peer-to-peer interaction and support, brutal honesty about the business, its progress and the startup team, networks with the right people to get things done faster and helps them to concentrate on what matters and focus on getting the basics right.
Apart from investment, 88mhp assists startups by providing access to networks, feedback on products, business models, marketing and pushes the startups to experiment in the market with solutions they build. Established three years ago, the fund has invested over $3 million in 35 startups.
According to Buch, although significant penetration of mobile telephony in Africa has brought about phenomenal opportunities in the continent, there is still slow uptake of advanced products and services.
“It’s not just access to phones and airtime that determines how technology spreads, it’s attitudes and social behaviour that need to adapt, marketing and sometimes physical infrastructure that needs to be in place, as well as the time it takes to build experience and skills needed to make companies that can grow,” he observed.