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  • SA venture capitalists slam inaccurate valuations by local angel investors

    Inaccurate valuations from local South African angel investors are skewing the value of companies venture capital (VC) funds are keen to invest in, two leading venture capitalists have charged. Speaking yesterday at an event held by Southern African Venture Capital and Private Equity Association (Savca) to launch a booklet (opens as PDF) on 20 local VC success stories, Angel Hub Ventures lead investor Brett Commaille pointed to a recent deal involving an angel investor. “We had a deal recently where the guys from (financiers) Business Partners asked us to come along. And we were about to do a co-investment with them and the entrepreneur...

  • Company Office

    Mayibuye Film Festival on Wabona

    Wabona, one of Africa’s premiere video streaming services is happy to announce a ground breaking partnership with Cape Town based Gravel Road Entertainment. On the 13th of April 2014 Gravel Road Entertainment’s Retro Afrika Bioscope launches the Mayibuye Film Festival on SABC 1.  The festival will run for three weeks, airing two never before seen films every Sunday in which Wabona and Cinemo, Wabona’s mobile service, will be released 2 hours after broadcast free for its users on both services. This will be a first as Gravel Road and Wabona will be releasing film content on three media platforms within...

  • Here are the six Attacq Smart Cities Innovation Challenge winners

    Stellenbosch business incubator LaunchLab has announced the six winners of the Attacq Smart Cities Innovation Challenge at a pitching event held at the incubator last night. The announcement was made last night by LaunchLab on the incubator's Twitter account. The winner are: storage space market-place Sxuirrel, bike-share scheme Poynt Bikes, access control developer Appmit, Drop Car Wash, Hydrogen Fueled Drones, and grocery delivery service Yshop. The six winners will receive a share of R100 000 in seed funding as well as LaunchLab incubation support to the tune of R80 000. Attacq Smart Cities Innovation Challenge prize includes LaunchLab support and a share of R100 000 The challenge was launched in...

  • SA equity crowdfunding site Uprise.Africa launches after response from FSB

    South Africa’s first equity crowdfunding platform Uprise.Africa has officially launched after being told by the Financial Services Board (FSB) that the platform does not fall foul of the Collective Investment Schemes Act, the platform’s founder and COO Patrick Schofield said yesterday. Speaking at a media briefing at Workshop 17 in Cape Town yesterday to highlight the first four deals that will shortly go live on the platform, Schofield -- the founder of donations based crowdfunding site Thundafund -- said the FSB has been "very quiet" on commenting on the platform. The FSB was notably absent yesterday from the briefing despite being sent...

  • Hollard, Yellowwoods invests R20m in SA insuretech Naked

    Hollard insurance group announced today that together with private investment group Yellowwoods, it has invested in South African insuretech startup Naked to the tune of R20-million. The insurance group said in a press release from Hollard said the startup -- which is set to enter the market in the first quarter of 2018 -- aims to transform the insurance business model to give customers a faster, fairer and more flexible insurance experience. The startup is being led by actuaries Alex Thomson and Sumarié Greybe (pictured above), formerly partners in EY’s insurance advisory business, who have spent the last decade advising many of South Africa’s largest...

  • Knife Capital reveals deal with Swedish startup, bemoans lack of local funds

    South African venture capital (VC) fund Knife Capital has co-invested in a Swedish startup alongside a Swedish fund, Knife Capital co-founder Keet van Zyl revealed today. “We just made an investment in Sweden, in a Swedish startup and we are quite proud of it. It’s our first investment outside of South Africa that we’ve done and we are quite proud of it,” said Van Zyl. Speaking at a Southern African Venture Capital and Private Equity Association (Savca) event held at the PwC offices in Cape Town today, he said Knife Capital would put out a press release likely next week which detailed the deal,...

  • Meet the Top 10 finalists of Cell C’s Hangman innovation competition

    The top 10 finalists of Cell C's R1-million innovation competition and reality show, Hangman, have been revealed. The show which premiered earlier this month on 8 October is hosted by Maps Maponyane and is broadcast on e.tv on Sundays at 11.50am. The finalists were selected by a panel of judges consisting of: economist Iraj Abedian, billionaire Quinton van der Burgh, Business Leadership South Africa CEO Bonang Mohale, and entrepreneur Connie Mashaba.whittled down from an initial group of 45 contestants. The Cell C Hangman winner receives a R1-million investment prize The eventual winner will walk away with a R1-million investment prize. "It was not an easy...

  • SA’s Prosperiprop responds to poorly performing ICO, adding PROPX NanoChain

    Following the lack lustre performance so far of its PROPX initial coin offering (ICO) SA startup Prosperiprop has added a new offering to its current ICO. The offering will allow investors to invest in software that will help financial institutions to offer property investment products via the blockchain. Prosperiprop CEO Llew Morkel told Ventureburn on Tuesday that the new opportunity Nanochain PROPX will allow ProsperiProp to become the supplier of a financial technologies platform that will be implemented by licensed financial institutions. The PROPX NanoChain will be developed for ProsperiProp by Lucid Ocean run by Jonathan Crossland and will be funded by a PROPX token sale currently...

  • Zim startup Road Rules wins €5 000 at Innovating Justice Challenge semi-finals

    Road Rules, a Zimbabwean provisional (learner's) driver's license test app, has been announced as the overall winner of the Hague Institute for Innovation Justice Challenge's (HiiL) Innovating Justice Challenge Southern African regional finals. Road Rules founder and CEO Tawanda Chikosi, beat six other legaltech startups to win €5 000 at a Boostcamp held two weeks ago in Johannesburg. As part of the prize, Chikosi will also attend HiiL's Justice Entrepreneur School (JES) this December. Through the challenge HiiL holds 10 regional finals. Those startups selected from each regional final will then be able to join the school and compete at the global final for a chance to join the...

  • SA drone startup UAV Industries to enter three more countries after $499 000 deal

    Hot on the heels of securing R6.84-million ($499 000) in funding from local investors Glenheim Venture Capital Company, South African drone operator UAV Industries plans to expand into at least three neighbouring countries over the next 18 months. The announcement of the deal was made yesterday by Glenheim Venture Capital Company, but was concluded three months ago. Speaking to Ventureburn today, UAVI Industries chairman Peter Venn said he could not confirm the amount in equity taken by Glenheim, explaining that the figure is based on future deliverables such as turnover and profit. Venn said the drone sector is a "highly regulated" environment and that it would take time...

  • Here are the 15 SA tech startups that have netted $137.7m in 2017 deals

    South African tech startups have concluded deals valued at over $137.7-million so far this year, shows data tracked by Ventureburn. Ventureburn has tracked and reported on 15 deals valued at over $137.7-million to date in 2017 -- including the $123-million acquisition in May of Cape Town startup GetSmarter by US listed company 2U. In all 12 of these deals involved Cape Town based startups, with one each based in Johannesburg, Bloemfontein and Stellenbosch. If one excludes the GetSmarter deal, 14 tech startups have been able to raise $14.7-million this year (see the below graphic). In a further three deals reported on by Ventureburn the parties did not...