Venture capital funding plugging the financing gap for black businesses?

In a move to boost the growth and success of black-owned startups in South Africa, MineWorkers Investment Company and Kulesanee V.C. Initiative have reopened applications for the 150 million-rand Proceed Fund. This initiative aims to provide risk capital and growth equity to innovative ventures with high growth potential, particularly focusing on black and female-owned businesses. With over 43 million rand already allocated, Chief Investment Officer Nchaupe Kaolay sheds light on the selection criteria and measures of success employed by the fund. By targeting businesses with scalable models and a commitment to creating economic impact, the initiative seeks to support job creation and foster growth within the startup ecosystem. The rigorous selection process involves narrowing down hundreds of applications to a top 10 that will pitch their businesses for funding consideration. Once invested, companies are closely monitored based on individualized metrics to track their progress and overall contribution to the economy. Success is measured not only in terms of revenue and employment growth but also in the broader impact each startup has within its market. The goal is to fuel the growth of these companies, create job opportunities, and ultimately generate a positive return on investment for the fund. With a focus on diversity and inclusion, the initiative aims to bridge the funding gap for black entrepreneurs and drive meaningful change in the startup landscape of South Africa.