South Africa’s Mineworkers Investment Company launches $10.5m for Early-stage Startups
Johannesburg-based Mineworkers Investment Company (MIC) has announced the launch of MIC the Khulisani Ventures, a $10.5m early-stage investment targeted at local startups with innovative and high-growth capabilities.
The MIC was established in 1995 by the Mineworkers Investment Trust (MIT) to create is a Black-owned Investment Company focused on providing a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents. The company has invested in a variety of large and small companies in various sectors while also upholding strong corporate governance and true transformation.
MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors, except for primary agriculture and primary extractive industries. The focus is innovation, namely innovative products or services that disrupt traditional markets, improve efficiencies or respond creatively to existing problems in South Africa.
MIC chief executive officer (CEO) Mary Bomela speaking on the investment said that the offering was unique and hope the company adds to its level of investees. He also highlighted the significant gap in post-seed funding for businesses that are not plugged into the dominant streams of venture capital networks.
“We are thrilled to be introducing a unique offering to a broad-set of black-owned innovative ventures with exponential growth potential. MIC Khulisani Ventures forms part of our investment and transformation mandate at MIC, and through this investment vehicle, we hope to add to our investee network future-focused, transformed entities with great promise for growth.
“This offering has been in the making for a couple of years now. We have pulled in relevant partners such as I Am An Entrepreneur to work with us in determining the businesses that are ready for this kind of support. In addition to the capital, we intend to leverage our investee network to open access to markets, networks, experience, and skills to catapult awarded businesses to the next level. This bodes well for our portfolio, and the impact in the economy will be profound, especially given the impact of Covid-19” said Bomela.
Applications for MIC Khulisani Ventures are now open and interested startups can click here to apply.