Tech in Africa
MIC Khulisani Ventures is looking to address the funding gap in the business post-seed investment phase, especially when businesses are not plugged into dominant venture capital network streams. This has prompted its launch of a USD$10.3 million (R150 million) fund that works in line with MIC’s core mandate of investing in cash-generating assets resulting in sustainable dividend flows towards the Mineworkers Investment Trust.
MIC is on a mission to diversify its investment portfolio by tapping into high-growth businesses in their early stages and offering to fund innovative, scalable, and disruptive early-stage businesses.
Eligibility
To qualify for the fund, the company must have 51% black ownership, have an innovative product and service offering, be disruptive to its sector, be highly scalable, have high growth potential, in the post-revenue phase, and have a minimum investment requirement of R15 million. It is worth pointing out that black-owned businesses are highly encouraged to apply. In addition, and all sectors from mining, primary agriculture, fast food, franchises, etc can apply.
On 7th July, Mineworkers Investment Company launched MIC Khulisani Ventures and is looking to invest millions into innovative and disruptive South African black-owned yet diverse businesses from high-growth sectors.
As of a July 28 Twitter share, the MIC had received over 580 applications of which 36.8% are from female applicants. 25% of the applications of the total number are from Gauteng and the remaining 75% coming from the rest of South Africa.
The application window will remain open until the 15th of August.
MIC Khulisani Ventures is investing R150 million in black-owned businesses that provide innovative products or services that disrupt traditional markets, improve efficiencies or respond to existing problems in South Africa. pic.twitter.com/DJpw0u9vrX
— MIC (@MIC_Investment) July 7, 2021
