Mineworkers Investment Company (MIC), a South African investment holding company, has launched MIC Khulisani Ventures, a US$10.5 million early-stage investment vehicle targeting black-owned innovative, high-growth businesses in South Africa.
With the exception of primary agriculture and primary extractive industries, MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors.
The emphasis is on innovation, specifically on innovative products or services that disrupt traditional markets, improve efficiencies, or creatively respond to existing problems in South Africa.
“We are thrilled to be introducing a unique offering to a broad set of black-owned innovative ventures with exponential growth potential,” said MIC Chief Executive Officer Mary Bomela. MIC Khulisani Ventures is part of MIC’s investment and transformation mandate, and we hope to add future-focused, transformed entities with great growth potential to our investee network through this investment vehicle.”
“This offering has been in the works for a few years. We have enlisted the assistance of relevant partners such as I Am An Entrepreneur to assist us in determining which businesses are ready for this type of assistance. We intend to leverage our investee network, in addition to capital, to open access to markets, networks, experience, and skills to catapult awarded businesses to the next level. This is good news for our portfolio, and the economic impact will be significant, especially given the impact of Covid-19,” she added.
MIC Khulisani Ventures fills the post-seed funding gap for businesses that are not connected to venture capital networks, where many such investment-ready ventures are black-owned, with ideas that have the potential to change industries but do not take off due to a lack of support.
The deadline for MIC Khulisani Ventures applications is August 13.
Visit the website to apply or for more information.