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South Africans can from today buy new and used vehicles again. Emergency repairs can also be carried out on cars, including those that are overdue for a service.
With the coronavirus (Covid-19) headlining news all over the world, Ventureburn has launched a regular daily roundup on the virus and how it is affecting Africa’s tech startup sector.
Those with any news releases relating to Covid-19 and Africa’s tech startup sector can send these to email@example.com.
IDF Capital has reported that its tech portfolio has proven to be very resilient during the current tough times.
Here then is the latest on the coronavirus and African tech startups:
SA can buy cars again: South Africans can from today buy new and used vehicles again, after it was announced that from Wednesday, new and used automobile dealers will be allowed to trade again, The Times reported in an article yesterday. Sales will be allowed, subject to strict measures, including hygiene and social distancing restrictions. Emergency repairs can also be carried out on cars, including those that are overdue for a service.
R300bn guarantee now available: SA banks can now begin lending out more funds to businesses affected by the Covid-19 pandemic, after the government’s Covid-19 loan guarantee scheme went live yesterday, Business Day said in an article.
SAFT now exhausted: The help has come just in time. The SA Future Trust (SAFT), which was set up by the wealthy Oppenheimer family to help small businesses survive the lockdown, yesterday announced that it is now fully exhausted. Business Day reported in an article yesterday that the fund, which lends via banks, had approved loan applications for over R1.1-billion.
Reckless trading provisions suspended: For the duration of South Africa’s national lockdown, the Companies and Intellectual Property Commission (CIPC) has temporarily suspended provisions in the Companies Act aimed at preventing reckless trading when company is insolvent, Business Day reported in an article yesterday.
‘IDF Capital tech portfolio resilient’: Zulzi investor IDF Capital says its tech portfolio has proven to be “very resilient” during the current tough times. The SA fund has a current portfolio of over 100 firms in various sectors. While it’s fuel stations portfolio is suffering, the fund’s executive director Polo Leteka (pictured above) says its investee companies such as healthtech EM Guidance, edtech Lightbulb, retialtech Brandbook, cloud business GCT and delivery startup Droppa, have fared “very well” during this time. “Some have even pivoted their business models to take full advantage of the opportunities brought about by Covid-19,” she said. Leteka confirmed that the fund had partly exited its R2-million investment in Zulzi, which this week announced it had netted R30-million from a JSE-listed company (see this story).
Featured image: IDF Capital executive director Polo Leteka (Supplied)