So Who Got into the 440 Accelerator?

440NG, the accelator created out of the joint venture between 88mph and L5 Labs announced via their Twitter feed that they’d picked their finalists.

Now, there’s a ton of speculation as to WHO exactly got into the program – everyone seems to be ridiculously tight-lipped about the process but here’s what seems to be apparent:

  • 10 startups have received offers to join 440NG’s first cohort. The names that keep coming up are Bambo Oyelaja’s prayer request service – PrayerBox, media analytics company – PlaySpread, e-commerce shopfront creator and Battlefield finalist 500 Shops as well as Battlefield winner PrepClass.
  • we expect the terms to vary but what we’ve heard sounds pretty decent.  Somewhere in the region of $25,000-30,000 for 30% of the company as well as office space in the swanky Moorhouse Sofitel, a personal allowance for founders and other costs covered by the incubator.

We’ll provide more information as it becomes available to us.

13 Comments

  • segun odutola says:

    So sad

  • timchuks87 says:

    25K -30K for almost a third of the companies? That’s truly sad.

    Though quite sure. They say something different on their site.

  • Damola says:

    To youngsters, the money might seem much at first, but if truly they are giving $25k = 4M, for 30% then, this ones are vultures. 4M is absolutely NOTHING. To hire and retain good talents, how much will you pay a good programmer, and if you need more than one, design nko?… you nko?, sales, marketing, customer service, etc, etc, and that’s if you have to hire 1 person… even with stocks options then again big bros don already take 30%. wetin go remain. Next time you need funding, how many % will be gone?.. what’ll be left?… before you know, you are not good enough to execute your dream anymore. Back to square one.

    They promised up to $110k, I will be dissapointed preclass take such a deal considering they should know how easy it’s to blow $20k they won earlier in the year.

    I know it might seem like the only chance when you’ve nothing going… I understand that.. but losing sight of your goal and the success of your vision is far worse. There are always options. You just need to look hard enough.. and if enough, even harder!

    • Tomi Hassan says:

      I still don’t understand why Prepclass they look for money around like small pikin… with all the revenue they stated on the TC interview, they should be able to push their operation forward without outside funding or an accelerator. Maybe …… btw, what do i know ? who am i … push on guys

  • Tomi Hassan says:

    Wait, is 440 an early stage accelerator or seed ? because the selected startup are some established goons.

    If we really wanna help the ecosystem maybe we should start helping the new guys coming up with fresh ideas from scratch not some guys with 50-90k$ in the bank account that are still looking for more money to build up their bank account.

    But what do i know ? Fire on 440.ng.

    • TosinAdekoya says:

      That’s if the new guys have better MVP and not just some ideas on ‘building new planet directly above march’

  • Dayo says:

    Haba, Preclass till apply for this one too. that “battlefield” money don finish ni?

  • kemo says:

    These guys are SHARKS! Truly sad

  • R Truth says:

    It’s really embarrassing that after all the mouth that tech makes its just like other industries.

    Come on, who invests in companies that have been operating without a proof of revenue? If they had it then why do they need and accelerator for? Just embarrassing that man know man has begun to etch itself into as sector that should be the nations future.

  • disqus_lQclrQLxP6 says:

    I can never understand why people foam at the mouth at valuations of startups in the TC comments.
    Value is determined by what someone is willing to pay! It is not an opinion but a transaction.
    I happen to think my blog is worth $100m but no one has offered me even $100 for it as we speak and if I put it up for sale, I am not sure I would get $10k for it.

    You can only complain if there were many people bidding and the seller went for the lower amount.
    But people come here and start calling investors all sorts of names as if they would do different if they were tasked with managing their own money.

    Na wa

  • Tunde Mo' Aguda says:

    Seriously i am going to just ride my Keke Napep past this story and laugh when i remember Aboyeji E Iyinoluwa’s early post about how crappy Accelerators can be in Nigeria.
    Only a shark will ask for 30% for miserly sum of $25,000 #Smh

  • Orlando says:

    30k for 30% is laughable. What then happens when they want to go for serious Series A or even futher funding?

Comments are closed.