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Seed Engine Injecting Over $240,000 Into Its Second Accelerator Class

seed engine9South Africa’s first start-up business accelerator, Seed Engine is set to inject over $240,000 into its second accelerator class in a move to help tech entreprenuers build companies and create jobs in Africa’s most developed economy.

The second programme has selected six ventures which will receive around $40,000 (R100 000 start up capital plus over R300 000 in additional benefits) each so ideas can be converted into investable and commercial realities.

Marc Elias, CEO of Seed Engine said the accelerator takes a 20% stake in each business at the start when they are worth R500 000 (around $50,000) but after acceleration when they pitch to potential investors at Demo Day they are worth at an average of R3 million (around $300,000) – a substantial increase in a very short time.

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“There’s a desperate need for jobs in South Africa. Companies create these,” Elias said. “Seed Engine and its partners are supporting people with distinctive and disruptive business concepts and turning them into investable businesses. We take people with strong ideas and we turn them into leaders.”

The teams of entrepreneurs are currently undergoing a 12 week business boot camp where they are being coached, mentored and supported to grow their concept into a business. At Demo Day, which takes place on 27 November 2013 at the Gordon Institute of Business Science (GIBS), ventures pitch potential investors including angels, venture capitalists, private equity firms, corporates and government so that they can attract further funding.

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The ventures selected include;

Stockshop.co.za, an online portal that bridges the gap between stock market product and service providers and those that want to invest. Users can access an extensive range of educational and research tools for the South African stock market, in an easy-to-use format. Founded by Annabel Dallamore, mechanical engineer.

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Puntr aims to change the way that live sport is watched on TV. Puntr has embraced the phenomenon of second screening and has produced a real time, social, sports prediction game, in the form of an app for mobile devices that sports fans can play against their mates, while they watch live sport on TV.

It was founded by Grant I’Ons and Gerhard Taljaard.

1heart.co.za streamlines communication in emergency situations and allows people to help save the lives of others and was founded by Lawrence Joffe, electrical engineer and Justin Price, chartered accountant.

Autodek.co.za is a web based online marketing and management system serving the auto retail sector. It offers an array of turnkey solutions to extensively streamline data management and reporting as well as providing innovative marketing solutions for vastly increased efficiency and sales performance. Autodesk was founded by Gregory Dix, marketing agency owner.

Colormeclever.co creates educational apps for kids and was founded by Daniella Orkin, lecturer and artist.

Fifty2.com is an academic organising platform for students and lecturers founded by Sean Pleaner and Karl Buys.

Those that want to apply for Seed Engine’s next accelerator starting in February 2014 go to www.seedengine.co.za.

Seed Engine’s first six ventures included  Zehoo.me, Cirqls.com and ChowHub made it into the top 40 Start-ups in Africa at the Angel Fair.

 

Success partners

The accelerator is supported by  Absa which is contributing seed capital. Grovest, the first Section 12J fund in South Africa, and U-Start, which is an international organisation that seeks investments via Seed Engine. The  South African Venture Capital Association (SAVCA) has also endorsed Seed Engine as one of the more prominent feeders of deal flow to the strong venture capital community in the country while the   Sable Accelerator, based in Silicon Valley has built a strong relationship with Seed Engine in profiling its underlying ventures with its international network of venture capitalists, angel investors and distribution partners.

Amazon Web Services has committed $3000 worth of data driven products for each Seed Engine start up while  Tiber, one of the largest private property owners and construction companies  in South Africa, has provided Seed Engine with free rent for the first activation as well as assistance with the construction of the work space.

 

Redwood Capital Partners has and provided Seed Engine with capital to develop the innovative work space and will also be mentoring the entrepreneurs through the activation process.

Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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