Mineworkers Investment Company (MIC) has announced the launch of MIC Khulisani Ventures, a R150 or USD 10.4 million early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa.
MIC Khulisani Ventures will be investing in businesses that are established, and ready to expand their market footprint through business development, increased team capacity and continued development of products and services.
Black women owned businesses are also encouraged, innovative product or service offering, disruptive within sect, scalable and those that possess high growth potential, also businesses that have been in operation for at least three years, post-revenue, minimum investment requirement of R15 million. The investment is open to all sectors except fast food, mining, primary agriculture and franchises.
MIC CEO Mary Bomela said she really believes this is a game-changer and significant news for the SA startup investment ecosystem. Other than the SA SME Fund, MIC is one of the first institutional investors in SA that is recognising and embracing the venture capital asset class. MIC Khulisani Ventures addresses the significant gap of equity funding for disruptive early-stage black-owned businesses to spur growth & expansion in SA and beyond. There is a highly experienced investment team and fantastic network behind it and I believe this initiative is poised for success.
Applications for MIC Khulisani Ventures are open from 7th July 2021 to 13th August 2021.
MIC Khulisani Ventures forms part of the MIC’s core mandate, which is to identify and invest in cash generative assets that create sustainable dividend flow to the Mineworkers Investment Trust.
