TechInAfrica – Startups in South Africa has shown some improvement in number though they have difficulties in making their ideas to life due to lack of access to funding. Funding is the most fundamental needs of startups as it helps them to develop their business ideas and make it scalable.
In order to encourage South African startups to develop and grow, a South African Venture Capital company, Kingson Capital, will provide funding for high-growth tech and Black-owned SMEs. The VC company is backed by corporates and international investors who have interests in investing in the country’s tech and SME sectors.
Kingson Capital and AKRO Accelerate are currently inviting South African startups to participate in an unprecedented event that will kick off for two days (28 and 29 August). They will select 20 pre-selected South African startups to pitch their business ideas. From the pitching competition, some of them will get selected to take part in a two-week bootcamp in the United States.
“Although we see a substantial rise in South African startups, it is unfortunate that when it comes to them sustaining that startup momentum, many fall by the wayside due to lack of support. For us, it’s all about creating venture ecosystems across the venture investment landscape. In a South African context, we are looking to build on these ecosystems, and from that growth, all players will reap the long-term benefits, ”said Gavin Reardon, Founder of Kingson Capital, as cited from decusatio.co.za.
On the other hand, Janine Basel from AKRO Accelerate showed her excitement about the partnership with Kingson Capital as well as the event. Basel said, “This event speaks to what is so desperately needed in South Africa: giving an outlet to startups to be heard and to be taken seriously in early-stage development, by investors. A lot of startups and founders who are the real innovators in our society, get lost between the cracks of life, as they have no idea how to get market access and investment to kickstart and sustain their growth.”
South African entrepreneurs who want to take part in the initiative, you are welcome to submit your entries. You need to be able to demonstrate your high-driven tech ideas and should be able to take critical feedback. You also need to submit a 3-minute pitch and a summary sheet of your concept on the pitching day.
Interested startups please visit https://greenbeetle.wufoo.com/forms/p1lj47hm0o4mklh/ to submit your entries.