Happy Wednesday! I come bearing good news in the form of a venture capitalist opportunity!
Friends of I AM AN ENTREPRENEUR, Mineworkers Investment Company (MIC), have launched MIC Khulisani Ventures; a R150 million early-stage investment vehicle targeting black-owned, innovative, high growth businesses in South Africa.
MIC Khulisani will invest in promising cash generative businesses in a variety of sectors. These businesses should provide innovative products or services that disrupt traditional markets, improve efficiencies, or respond to existing problems in South Africa.
Just yesterday, I was reading an article from Forbes on how Black female-founded companies need funding, not accelerators or incubators. The article further went on saying that venture capitalist and finance communities must address resource gaps and biases that prevent women-owned businesses from securing capital. The MIC venture addresses these same gaps.
I’ve always advocated – financial support is necessary for success in high-growth economies, and MIC is keen to engage black women-owned businesses for whom these resources are especially scarce. This really really excites me – engagements contributing towards meaningful impact.
Gentlemen, don’t worry, we’re not leaving you out in the cold. Male-led businesses also qualify to apply for the venture too. The projected range for the first round of applications is between R15-million to R30-million per awarded applicant. The venture will help spur growth and expansion in South Africa and beyond.
Good luck with your applications.