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After a short delay in finalising applications, IDF Capital‘s I’M IN Accelerator has kicked off with 10 startups having been selected, IDF Capital executive director Polo Leteka told Ventureburn. The programme aimed at building high growth black-owned tech startups.
The three-month long programme kicked off this month and participants are currently undergoing a needs analysis and assistance in developing a growth strategy.
I’M IN Accelerator will offer seed funding of between R150 000 and R160 000, in exchange participating startups will give up between 1.25% and 6% equity stake
The programme includes two rounds of funding. In the first round participants will receive a minimum of R150 000 and each participants is likely to receive on average R160 000. In the second round of funding each participants is expected to each receive an average of R700 000.
The accelerator is funded by two parties, namely: Telkom through the Telkom Future Fund that IDF Capital has managed since 2015 and Allen and Overy, which partnered with IDF Capital on a previous accelerator run by the South African fund manager in December last year.
“Equity taken up will be a function of the funding needs (of each participant) determined as part of our analysis thereof, which would be informed by the individual growth strategies.
“Equity taken up by I’M IN will range from 1.25% to 6% in the first phase and those that graduate to phase 2 additional equity taken up by I’M IN will from 5% to 15%,” said Leteka.
In addition to getting access to seed funding, startups taking part in the programme will also benefit from business development support and mentorship from industry experts.
Huvest People Solutions, Speak Africa Consulting, The DefinitivEdge and Rizasmart Consulting will facilitate talent management, product development, market development and financial management training in the program respectively.
A total of 10 startups are taking part in the programme. Two of the participants indicated to the accelerator that they do not wish to have their names divulged to the media. Here are the remaining eight:
Dropper Group: Droppa is an on-demand transport services that makes it easier and safer to transport household goods.
Airbuy FinTech: A mobile payment solution that allows users to pay using airtime instead of credit or debit cards.
Holistic Advance: This human capital service provider has developed Cap H, a web or mobile HR application for small businesses that automates and simplifies key human resources processes.
Lightbulb Education Edutech: This edtech startup has developed an online education platform that not only works offline but claims to increase student grades by up to 45% aggregates.
Microblast: This startup aims to bring South African content to smartphones users.
Chat2Brand: A one-to-one cloud communication platform that allows customers to communicate with businesses through chat applications, social media messaging services and SMS.
Spritzed: An online platform that allows small businesses to find and book flexible, short term office space and meeting rooms.
Intellicred: An online brand and identity protection solution.
Featured image: IDF Capital executive director Polo Leteka (Supplied)