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News

  • Tony Elumelu Foundation selects 1000 African entrepreneurs for programme

    The Tony Elumelu Foundation (TEF), has announced the selection of 1000 African entrepreneurs to join the third cohort of the foundation's USD$100-million TEF Entrepreneurship Programme. According to TEF, the programme saw over 93 000 entrepreneurs from over 55 countries applying, which was double the amount of applicants in 2016 and four times the amount of applicants in 2015. The selected entrepreneurs will be trained and mentored over the next nine months to develop a solid business plan. Following their training, the cohort will be eligible to receive seed capital of up to US$10 000. The TEF will aim to facilitate the development of...

  • Why did 22seven founder leave Old Mutual? [Exclusive]

    News broke earlier this week that 22seven would finally be absorbed into Old Mutual, following the app's acquisition in 2013. It was also confirmed that co-founders Christo Davel and Kenny Inngs would be leaving the business as a result. Now, Davel has explained the reason for his departure in an interview with Ventureburn. "It was just a differing of long-term strategies, mostly..." Davel explained in a telephonic interview, confirming that it was a mutual agreement. "Oh yes, it was a very amicable agreement between us and Old Mutual." Davel confirmed that 22seven was looking for buyers last year, elaborating on the process. 22seven co-founder Christo...

  • Old Mutual brings 22seven in-house, founders leave

    Old Mutual made headlines back in 2013 when it acquired personal finance app 22seven for an undisclosed sum. At the time of the deal, both companies said that 22seven would be absorbed into Old Mutual's plans to deliver digital support for customers. Now, the parent company has announced that it will be "bringing its wholly-owned 22seven operation closer to its in-house digital strategy without interrupting the current online offering to customers". However, the move will also see co-founders Christo Davel and Kenny Inggs departing the business. In a press release to Ventureburn, Raymond Berelowitz, Director of Customer Solutions at Old Mutual, elaborated on the news. "We are...

  • SA ranked as a top entrepreneurial nation [report]

    According to the newly issued Entrepreneurial Ecosystem of South Africa: A Strategy for Global Leadership Report, SA is one of the top countries in Africa for entrepreneurship. SA was ranked number two out of 30 countries in the sub-Saharan African region. It was also ranked 55 out of 137 countries surveyed globally, which was followed by Namibia, Gabon, and Ghana. The report was created by the Global Entrepreneurship and Development Institute (GEDI) and SEA Africa. It was commissioned by the Allan Gray Orbis Foundation and the South African Breweries (SAB) Foundation. According to the press release, the report was not only issued in...

  • CiTi, FinTech Circle to launch ‘FinTech Academy Africa’ in SA

    The FinTech Academy Africa, a joint initiative by FinTech Circle and Cape Innovation and Technology Initiative (CiTi), is set to launch in SA on 24 and 25 April, in Johannesburg. The academy is geared toward CEOs and the like who have a limited amount of time on their hands, but who still would like a deeper understanding of best practices in fintech. The two-day curriculum has been designed to deliver a comprehensive understanding of important areas surrounding fintech in a short amount of time. CEO of CiTi, Ian Merrington commented on the joint effort in a press release to Ventureburn. "Board directors and...

  • Venture Capital continues to grow in SA

    Interest in SA venture capital (VC) has seen steady growth. This growth in interest could translate into expanding opportunities for investors as well as entrepreneurs, according to the CEO of the Southern African Venture Capital (SAVCA) and Private Equity Association, Tanya van Lill, who commented on the Global Entrepreneurship Congress. "South Africa's venture capital (VC) ecosystem is evolving, with more fund managers entering the industry and growing investor interest in the asset class. This increased activity is generating positive spinoffs for local, innovative entrepreneurs seeking funding," said van Lille in a press release to Ventureburn. SAVCA recently launched their VC Survey, tracking...

  • I-Drop Water to represent SA in Chivas Venture pitching competition

    South African greentech startup I-Drop Water has been selected as one of 30 finalists in the US$1-million Chivas Venture social enterprise competition. The finals will take place in Los Angeles in July. Founded by James Steere, I-Drop Water looks to change the way water is sold in SA by installing purification and dispensary vending machines in stores. The company says the water sold is 80% cheaper than bottled water and will be housed in refillable containers. Finalists will have five minutes to pitch their businesses in front of a panel of judges and live audience, where they will compete for US$750 000. "We were blown away...

  • Your startup could be featured on 702, Cape Talk radio

    Are you a startup founder looking for that big break? South African startups have an exciting opportunity to be exposed on national radio and to be coached by well-known talkshow host and entrepreneur, Pavlo Phitidis. SA radio stations 702 and Cape Talk have partnered with Nedbank for the sixth Business Accelerator programme. Ventureburn has also teamed up with the accelerator to promote the event and foster relationships in the startup ecosystem. The aim of the Business Accelerator programme is to talk about businesses on air and make listeners aware of them, as well as help accelerate their growth in 2017. The programme is looking for companies that make a...

  • CiTi launches first EdTech Open Innovation Cluster in Africa

    The Cape Innovation & Technology Initiative (CiTi) has launched the first EdTech Open Innovation Cluster and incubator in Africa. The event was held on 15 March at the Bandwidth Barn in Woodstock, Cape Town, and saw a turnout of close to 500 people. The aim of the cluster is to collect as many of the best edtech startups and companies in one location to work on education problems. The initiative is helmed by Jamie Martin, who previously held positions at Deloitte and The Boston Consulting Group. Martin said there is also a team from Yale, researching and supporting the cluster. EdTech Incubator Part of the EdTech Open Innovation Cluster is to launch an...

  • Johnson & Johnson announces Africa Innovation Challenge winners

    Healthcare company, Johnson & Johnson has announced the three winners of the Africa Innovation Challenge at the Global Entrepreneurship congress, which took place in Johannesburg. The three winners submitted ideas around early child development, maternal health, empowering young women, and improving family well-being. "Africa is one of the fastest growing regions of the world, and Johnson & Johnson is proud to support this growth through strong collaborations that encourage innovation and accelerate advancements in the continent’s health systems," said the CSO and MD of Johnson & Johnson, Paul Stoffels, in a press release to Ventureburn. "We are seeing a surge of activity...