88mph and L5Lab and other investors such as Daniel Guasco & Wayne Gosling, formerly of Groupon SA, and Neil Emerick of Nightsbridge have launched DealWeek Cape Town
to invest between $25k and $250k in startups.
Set to be held at the Cape Town Garage, the week-long event will see investors identify which startups are worth an investment, allow investors and startups to discuss business models, go through due diligence, discuss term sheets among others.
“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,” 88mph announced in a blog post. “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 3 years, and making it more efficient and flexible for investors and startups.”
The investors will build on 88mph’s three year old accelerator program and the team will have a Pre-DEALWEEK where startups apply online via 88mph’s application platform, and the viable startups will be picked from the applicants, interviewed and invited to DealWeek and the best stand a chance to recieve investment offers.According to the firm in the blog post
, “Post-DEALWEEK we will work with the startups and investors to finalize funding deals, transfer cash, and ensure that procedures have been put in place to follow the startups progress.”