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FNB Private Clients and AngelHub partnership heats up SA startup scene
Readers of Ventureburn are probably well aware of AngelHub, the business angel investment group that pools funding, expertise and networks from a range of early stage investors to foster startup growth.
AngelHub has recently extended its network by partnering with FNB Private Clients, First National Bank’s specialist banking solution that works with wealthy entrepreneurs, business professionals and others to increase their asset values.
So basically, FNB Private Clients help make rich people, richer. The partnership is however, quite significant for two reasons. AngelHub’s startup roster, future and present, now has access to this pool of investors who earn an income of at least ZAR1.1 million per annum or have investable assets in excess of ZAR3-million. It’s also encouraging to see a major bank invest in South Africa’s burgeoning startup scene.
The partnership makes it easier for startups to get access to local private investors, which hasn’t exactly been a walk in the park for capital seekers in South Africa’s developing economy.
“FNB is built on a legacy of entrepreneurial vigour and we pride ourselves as being the bank of choice for entrepreneurs. FNB Private Clients recognises the importance of entrepreneurs in developing our country’s wealth and also understands that the majority of wealthy individuals in South Africa are business owners,” says Basani Maluleke, head of FNB Private Clients.
“We are always looking for avenues to provide support to, and opportunities for, innovation and entrepreneurship in South Africa. Our association with AngelHub gives us the opportunity to actively participate in sourcing opportunities for our high net worth clients and young businesses alike,” adds Maluleke
AngelHub provides the opportunity for Angel investors to meet pre-screened businesses who can demonstrate that their idea has earnings growth potential and that they are willing to take advice, and grow their idea into a sustainable business. In addition to periodic “deal pitching” sessions, AngelHub hosts a monthly networking platform. These events are targeted at getting founders (and prospective founders) of interesting high-growth ventures together for meaningful campfire chats.
“Encouraging South African entrepreneurship and innovation should have the dual benefit of generating both economic value and job creation,” says Brett Commaille, from AngelHub.
“FNB Private Clients aims to support AngelHub not only through a financial sponsorship but through providing appropriate education, wealth advice and banking support to both Angels and entrepreneurs. In doing our part in bringing likeminded individuals together, we hope to facilitate the sharing of vital entrepreneurial knowledge and skills to assist in the development of our second tier economy,” concludes Maluleke.