WeBuyCars has launched an online auction for customers in the wake of growing online sales during the COVID-19 pandemic. The online portal features a…
If you’re looking for funding from venture capitalist and former FNB head Michael Jordaan you are probably too late.
Last month in a blog post of no more than 10 words Jordaan announced that his venture capital firm Montegray Capital is now full invested. “We’re now fully invested – no more applications please.”
Jordaan told Ventureburn in an email today that the funds are all from the Jordaan family.
“For understandable reasons we are not disclosing the amounts but in most cases these were small investments appropriate for businesses with an operating track record of two years or less,” he said.
Michael Jordaan says he doesn’t plan to start a second fund myself but has been approached by Hlayisani Capital to chair their investment committee
Startups might not be so happy to hear that Jordaan doesn’t have plans to start another fund. “I do not plan to start a second fund myself but have been approached by Hlayisani Capital to chair their investment committee,” he said.
He referred all questions to Angelhub Venture’s Brett Commaille. AngelHub Ventures is partnering with Dzana Investment and Phoenix Capital to roll out the planned R1.5-billion growth capital fund.
Commaille said he and his team are still raising capital for the fund. He added that though he had secured early commitments it is still too early to say when fund raising would be concluded.
“Many guys manage to raise first round VCs of R20-million or R50-million but then get stuck and have to go overseas,” said Commaille eluding to the shortage of follow-on funding in South Africa.
The new fund, he said, would aim to address the gap in local growth funding for new companies. The fund will include among others respected black businessmen on its board and investment committee, he said.
Commaille said Jordaan’s background in investing in large and small corporates through both Montegray Capital and Angelhub Ventures makes him ideal to chair the fund’s investment committee.