INSIDE YOUR BUSINESS: MIC wants to invest R150m in SA businesses.
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The Mineworkers Investment Company (MIC) wants to invest R150 million in emerging black-owned businesses. The MIC, through its venture capital initiative, MIC Khulisani Ventures, has launch the second window of applications to support what it calls high growth potential and innovative businesses.
It is offering this financial support because it wants to back businesses that have had already had seed funding (and which are predominantly black-owned) but are “not plugged into the dominant streams of venture capital networks.”. It says many of these businesses are “investment-ready,” and have ideas that can shift industries and society. But they do not get the boost they need at a key point in their development because of a lack of institutional support.
It is offering this financial support because it wants to back businesses that have had already had seed funding (and which are predominantly black-owned) but are “not plugged into the dominant streams of venture capital networks.”. It says many of these businesses are “investment-ready,” and have ideas that can shift industries and society. But they do not get the boost they need at a key point in their development because of a lack of institutional support.
