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Venture fund calling for entrepreneurs with web-based ideas

Venture start-up funder 88mph is calling on entrepreneurs with new web-based ideas to enter its programme. The applications will open next month.

The strategy of 88mph is to fund strong teams and web-mobile ideas that have the ability to scale across other African countries. "We (are) looking for any start-up companies that have products that can help people do things differently. Mobile internet has exploded and this gives new opportunity for disrupting industries," said Kresten Buch, 88mph founder.

Buch said 88mph was ideally looking for people who have been working and wanted to solve problems in the industries they were employed in.

"The best ideas come out of that. We want to see these people that are coming out of different companies or industries and want to fix it. We will enable them to grow," he said.

The venture fund has spent more than $1m on investing and supporting start-ups in Africa. Among its funders is 4Di Capital, an early-stage venture capital fund.

88mph has 30 companies in its programme — 20 in Kenya and 10 in South Africa — and hopes to add 10 more in South Africa when it opens the application process. 88mph opened in Nairobi, Kenya, in 2011.

In addition to the investment in 88mph, 4Di also provides 88mph start-ups greater access to a vast network of local investors and gives them a better chance at securing follow-on funding, 88mph said in March.