88mph And Other Investors Launch DealWeek To Invest $25k-$250k in Cape Town Startups
88mph has partnered with other investors; L5Lab, Neil Emerick of Nightsbridge, and Daniel Guasco & Wayne Gosling previously from Groupon SA to set up DealWeek Cape Town. The venture capital fund seeks to invest $25,000 to $250,000 in startups.
Startups will pitch their ideas to the investors at the Cape Town Garage in a week-long event that will end up with investors identifying outstanding startups that will be rewarded with some investment money. The event will also allow investors and startups to interact and have a discussion on business models, the due diligence and term sheets and other kinds of business chit chat.
88mph wrote on its blog post: “We are excited to announce that we are testing something new this year, DealWeek, which is a week-long sprint for advising and investing in startups. Some great entrepreneurs turned investors have agreed to spend the week of February 16 – 22 with us to evaluate and co-invest in the best startups. We are basically taking the best of the accelerator model that we’ve been running for the past three years, and making it more efficient and flexible for investors and startups.”
Going forward, the group of investors will also join 88mph’s 3-year-old accelerator program and together they will form a Pre-DEALWEEK program. The program will accept applications from startups that apply online through 88mph’s application form, and the top promising startups will be chosen, interviewed and invited to participate in DealWeek. The best startups will stand a chance of being rewarded with various investment offers.
“Post-DEALWEEK, we will work with startups and investors to finalize funding deals, transfer cash and ensure that procedures have been put in place to follow the startups progress,” read a statements at 88mph’s blog post.