Pan-African Angel investor, 88mph, has announced that it will stop investing in African Startups and will not take on new projects, Disrupt Africa reports.
The company will continue working with the 36 startups it has funded from inception within the next 18-24 months, but stated that it will not provide investments for new startups.
“We will focus on working with the companies we have already funded to get some good return for our investors and founders,” Kresten Buch, Founder 88mph says in a media release on 88mph’s website. “So, if you are a startup looking for funding in these markets, then we will unfortunately not be able to help you at the moment.”
Kresten expressed his admiration for how the startup ecosystems have developed across Africa and thanked everyone who has been involved in the project in the last four years.
L5Lab and 88mph launched 440.ng, a Lagos-based accelerator programme, in 2014 to invest in mobile and internet startups in Nigeria with nine startups initially admitted into the programme.
Image:Photo Credit: Stew Dean via Compfight cc,88mph