A new venture capital fund, 440.ng, has opened applications for its 2014 Lagos accelerator program.
Here’s the FAQ
The fund is a partnership between venture capital firms, 88mph and L5Lab, to bring early stage funding and the accelerator model to Nigeria. Having raised $1.5 million, the fund has begun screening startups for investment.
The 440 model, innovated by the Y – combinator in 2005, invests small amounts – such as $20,000 to $110,000 – in about 10 startups at a time. These startups are enrolled in a 3-month intensive program designed to rapidly accelerate the start-ups’ product development, revenue generation, and customer acquisition.
Startups are also connected to mentors, investors, partners such as Google for entrepreneurs, and key clients that may increase their chances of success.
