MIC Khulisani Ventures concludes first allocation with tech companies

17th May 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

The Mineworkers Investment Company’s (MIC’s) Khulisani Ventures has concluded its first allocation of R43.5-million to technology companies Kelo and Rentoza.

In July 2021, MIC launched MIC Khulisani Ventures, a R150-million early-stage investment vehicle targeting black-owned innovative, high-growth businesses in South Africa.

This investment initiative targeted high-growth potential companies across all sectors, barring the primary agriculture and primary extractive industries.

Calls for applications closed on August 15, 2021, with MIC Khulisani Ventures having received 722 applications.

MIC Khulisani Ventures says it sifted through hundreds of promising business ideas, searching for companies that showed the best signs of scalability, innovation and capability to be disruptive industry players.

“The pitch deck reviews and adjudication by the MIC Khulisani Ventures investment panel narrowed applications down to a list of ten finalists, who were invited to pitch meetings.

“After several rounds of brisk Shark Tank-esque interviews, Kelo and Rentoza were the first to close with a combined investment of R43.5-million. The economic enablement associated with their respective business models served as an attraction and helped set them apart during the selection process.

“They are an example of the kinds of entities we continue to seek out mutually beneficial partnerships with,” says MIC CIO Nchaupe Khaole.

Ed-tech business Kelo received a capital allocation of up to R23.5-million.

The company secured contracts with key publishers that gave them licensing rights to educational content libraries with over 50 000 titles.

MIC impact investment manager Thato Ntseare refers to Kelo as a disruptor of industry – changing the way people learn and access study material using digital technology.

“Their practical, book-rental model allows students to get the books they need for much cheaper, especially since they often need certain textbooks for a limited time only during the course of their studies.

“Their digital approach also contributes to saving paper, as well as storage efficiency, by avoiding the use of physical space for books. These are some of the things that caught our attention.”

Rentoza is an online electronics and appliances retailer operating on a subscription-based model.

It is noted to make access to essential technology easy and affordable to consumers, especially when traditional means of acquiring tech products are not an option.

“Rentoza’s focus on creating alternative means of accessing devices that play such a big role in our daily lives was the drawcard that attracted us to the business.

“Their growth rate from the onset, showed that they are well-organised, extensively experienced and a very capable enterprise. It is critical that we provide funding for businesses of this nature, especially since they are developing solutions that speak to the specific needs of consumers,” says Ntseare.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION