R300m fund aims to support 50 tech startups
A R300-million ‘seed fund of funds’ aimed at providing early-stage capital to South African startups has been launched with the ambition of funding at least 50 technology-driven enterprises.
The initiative is backed by the SA SME Fund, the Department of Science and Innovation, the Technology Innovation Agency (TIA), and impact investor E Squared Investments.
The fund has been set up to close a gap in South Africa's venture capital ecosystem, where later-stage investments have historically attracted most of the funding.
SA SME Fund CEO Ketso Gordhan described seed capital as the lifeblood of innovation and entrepreneurial growth.
“Our goal is to make sure these companies have a fair chance at success and scale in the local and global markets."
TIA acting CEO Patrick Krappie says the seed fund of funds will catalyse a wave of new startups by enabling them to transition from ideas to viable enterprises.
“This presents an opportunity for the fund to play a catalytic role in developing the country's seed stage funding ecosystem, building the foundations that will deepen investment into the innovation economy and placing the venture capital industry on sustainable footing for the future,” Krappie adds.
E Squared Investments CEO Gladwyn Leeuw says the initiative aligns with the company’s vision to be a leading early-stage investor.
“Partnering with experienced fund managers and leveraging synergies with entities like the SA SME Fund, we are confident in driving the success of numerous tech startups, paving the way for sustainable economic growth and transformation,” Leeuw says.
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