New fund launched for startups in the app space

If you’re an aspiring app-builder, you may want to check this out. Technology accelerator mLab Southern Africa, in partnership with the Technology Innovation Agency, this week announced the launch of a fund aimed at assisting startups in the local mobile, sensor or wearable app startup space.

That support will come in the shape of early stage grants of up to R500 000 being made available to early-stage startups.

“This partnership fills a huge gap in the digital innovation value chain by bringing much needed early stage funding to mobile app start-ups and innovators who need funding to get their ideas and concepts translated into a prototype or MVP (minimal viable product) or further accelerate or complete their first product development,” says Derrick Kotze´, CEO of mLab Southern Africa We believe this will also create more deal flow for next stage investors”.

The funding process will include several rounds aimed at assisting applicants to properly define their solution, development and financial requirements and pitching material. This support will be provided at a number of boot camps hosted throughout the year. Completed cases will then be presented by the start-ups to a funding panel who will evaluate and approve early stage development grants. Funded start-ups will also receive additional acceleration support from mLab Southern Africa.

Interested start-ups and innovators can submit their applications online to attend the boot camps in Johannesburg and Cape Town. More cities will be announced during the year.

“The partnership between TIA and the mLab will assist us in building a pipeline of sound mobile app based innovations, which up to so far have been difficult to assess within our mainstream innovation funding scheme” Segopotso Moshapo, Head ICT at TIA