A new, R300-million fund has been launched to invest seed capital in promising tech start-ups in South Africa.
SA SME FundOur goal is to make sure these companies have a fair chance at success and scale in the local and global markets
“This initiative aims to fund at least 50 technology-driven startups through experienced fund managers, with a focus on innovation and transformation in South Africa,” the parties said in a statement on Tuesday. Ketso Gordhan, CEO of the SA SME Fund, said in a statement that seed funding is the “cornerstone of entrepreneurial success and the lifeblood of innovation without which many great ideas would never see the light of day”.
“South Africa has no shortage of brilliant minds, and this fund will ensure that more of them have the resources they need to succeed. Our goal is to make sure these companies have a fair chance at success and scale in the local and global markets,” said Gordhan. The founding parties said early-stage funding is a major gap in South Africa, where the venture capital ecosystem has historically attracted the lion’s share of investment into start-ups.“Governments across the globe play a crucial role in fostering innovation ecosystems, and South Africa is no different. The partnership with the SA SME Fund aims to bolster funds towards start-ups and SMMEs through a fund of funds approach.
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