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Startup news

  • Grotech fund set to announce first three deals

    Grotech, a venture capital (VC) fund set up under the 12J VC tax incentive, is set to announce its first three investments, said fund manager Clive Butkow speaking to Ventureburn. Butkow (pictured above) said the three three deals are all in technology products developed by existing companies. These are: A tech app for a fast moving consumer goods company. A social-media influencer platform, which already has revenue of about R17-million and employs eight staff. The platform has a presence in the UK and looking to expand to other overseas markets. An existing business involved in booking activities in the travel sector. Butkow expected several jobs to be created...

  • SA SME Fund will commence with due diligence in July says CEO

    The R1.5-billion SA SME Fund will commence with initial fund screening due diligence from next month (July 2017), the fund's CEO Quinton Dicks said today. In April, Dicks told Ventureburn that he plans to finalise the recruitment of his initial five-member team by 1 June before making investments into approved funds. The fund will invest in funds which will then invest in high-growth small and medium-sized enterprises. In response to questions from Ventureburn on whether any funds had been disbursed, Dicks said the initial team members had all been appointed with the final appointment joining on 1 July 2017. "We have not committed to any funds...

  • These are the 12 startups that will pitch at Seedstars World Maputo

    Global pitching competition Seedstars World today announced the names of the 12 startups that will pitch at its Maputo event to be held at the Standard Bank incubator at the city this Wednesday. The Maputo leg of the event is supported by Standard Bank and UX Information technologies. Seedstars World has also partnered with Embassy of the Kingdom of the Netherlands, Shell and has received further support from Internet Solutions, Castle Lite, and Coca-Cola. "Standard Bank’s purpose is Africa our home and we drive her growth. To this end, technology is a factor that will play a critical part in changing lives and fulfilling aspirations across...

  • Nokia opens global challenge for innovative IoT startups

    Nokia in partnership with private venture firm Nokia Growth Partners has announced the launch of the Nokia Open Innovation Challenge. The challenge will focus on startups addressing internet-of-things (IoT) solutions for smart cities, mobility as well as safety and security. Submissions for the global competition opened 8 June and close on 20 September. Once selected, startups will attend a two-day "concept development workshop" with industry experts in Helsinki, Finland in November. The final competition will take place immediately after the workshops where startups will compete for access to Nokia's global market, investment opportunities, as well as co-innovation and joint business opportunities. "Co-innovating in an...

  • Lagos startups have 10 days left to secure spot at angel investing event

    Lagos startups seeking funding have just over 10 days left to apply to be part of the latest round of the Lagos StartUp DealDay. Interested startups must apply by 23 June, following an announcement posted last week on VC4Africa's website. Those that are selected will be able to pitch to various angel investors at the event, which is held three times a year by the Lagos Angel Network (LAN). VC4Africa said Lagos StartUp DealDay raised over 100 million naira ($310,000) from LAN members and the early stage investment community for Lagos startups during 2016. LAN partners for the DealDay are VC4A, the Africa Business Angel Network (ABAN), Lagos tech hubs,...

  • Data mining firm BrandsEye crowned winner of 2017 FNB innovation awards

    BrandsEye founder Craig Raw and the company's CEO Jean-Pierre Kloppers were announced as the overall winner of the 2017 FNB Business Innovation Awards held in partnership with Endeavor South Africa. “It’s a fantastic feeling, to be chosen as a winner among 12 amazing businesses, BrandsEye has been around for over 10 years, in that time we have done some really great work that has allowed us to continuously improve the technology that we use. “Winning this means we get to take a step further in globalising our offering” said Raw, in a press release. Read more: Innovation awards finalists announced 'What is special about BrandsEye is that we...

  • Egyptian startup Mintrics scores investment from Dubai-based fund

    Egyptian social video analytics tool Mintrics announced today that it had received an investment of an undisclosed amount from Dubai's venture capital seed fund Numu Capital. "The decision to invest in Mintrics was easy – this is a startup that has very high growth potential, a very unique technology and a solid team behind it," said Numu Capital managing director Jamal Al-Mutarreb in a press release. According to the statement, Mintrics will be using the investment to expand globally as well as to develop its technology further. Mintrics allows users to monitor the performance of online videos on various platforms such as Facebook, Instagram,...

  • Three Cape Town startups win place at Seedstars World regional final

    Three Cape Town startups last night secured a place at the next round of global business competition Seedstars World, after coming out tops at a pitching event held in the city. The representatives will go on to compete at the next round of the competition at the Standard Bank Auditorium, Johannesburg on 29 June. Representing Cape Town will be: GreenFingers Mobile — A mobile-first SaaS platform to finance and manage smallholder farmers. EMG Technologies — Aggregates regional medical content from experts in one app for medical professionals. mbora — A solar-powered internet of things enabled sensing suit which provides real-time visibility to any service provider across its network. Jumpin Rides —...

  • Facebook to host one-day summit for young digital entrepreneurs in Joburg

    Facebook is partnering with the Department of Small Business Development and Livity Africa to host Youth Enterprise Day, a one-day summit that aims to celebrate and catalyse youth entrepreneurship in South Africa. In a press release Facebook said the event, to be hosted on June 24 at the Turbine Hall in Newtown, Johannesburg, will mix inspiration with learning by highlighting the stories of young South Africans who have built successful businesses using online tools. The summit will highlight the stories of some of South Africa’s most successful youth-run businesses, followed by a series of workshops hosted by Facebook and Livity Africa that will...

  • Entrepreneur’s report to address why SA has yet to produce a unicorn

    South African startups have produced a string of successes of late. Yet something is lacking. In April Edtech startup GetSmarter announced it would sell to US-listed 2U for $103-million, while last year SA company Giraffe, beat out 54 finalists from around the globe in the Seedstars World entrepreneurship competition. So why asks Jason Levin, a former entrepreneur with 20 years experience building marketing agencies, have countries like Nigeria and Poland produced unicorns -- but not South Africa? Levin of Elevation Holdings, a business consulting and angel investment firm, will next Wednesday (14 June) launch his report "Unicorns, Gazelles & Leapfrogs: Fast-tracking the South African startup ecosystem" at the Gordon Institute of Business Science...