Johannesburg-based Mineworkers Investment Company (MIC) has announced the launch of MIC Khulisani Ventures, a ZAR 150 million (US $ 10.5 million) start-up investment vehicle targeting high-growth, innovative companies belonging to to blacks in South Africa.
the MICROPHONE is a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mining, energy and construction workers and their dependents.
He invests in a variety of large and small companies across various industries, while focusing heavily on corporate governance and true transformation. Until recently, the company was not active in the tech startup arena in South Africa, but earlier this year it committed $ 10 million to Knife Capital’s latest fund, and he’s now thrown one of his own.
MIC Khulisani Ventures will invest in promising companies with high growth potential in all sectors except primary agriculture and primary extractive industries. The focus is on innovation, that is, innovative products or services that disrupt traditional markets, improve efficiency or creatively address existing issues in South Africa.
“We are delighted to present a unique offering to a wide range of innovative black-owned businesses with exponential growth potential. MIC Khulisani Ventures is part of our investment and transformation mandate at MIC, and through this investment vehicle, we hope to add to our investor network forward-looking and transformed entities with great promise of growth. Said Mary Bomela, CEO of MIC. .
MIC Khulisani Ventures bridges the important gap in post-seed financing for companies that are not connected to the dominant flows of venture capital networks. Many of these investor-ready companies tend to be black-owned, with ideas that can change industries and society, but don’t take off due to lack of support. This round of investments, which is expected to range between ZAR 15 million (USD 1.05 million) and ZAR 30 million (USD 2.1 million) per successful candidate, aims to meet this need and stimulate growth and expansion into South Africa and beyond.
“This offer has been in preparation for a few years now. We have brought in relevant partners such as I Am An Entrepreneur to work with us to determine which companies are ready for this type of support. In addition to capital, we intend to leverage our network of investors to open up access to markets, networks, experience and skills to take award-winning companies to the next level. This bodes well for our portfolio, and the impact on the economy will be profound, especially given the impact of Covid-19, ”Bomela said.
Applications for MIC Khulisani Ventures are now open here until August 13.