SA startups invited to apply for $940k fund

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Growing small and medium businesses in South Africa have been invited to apply for the ZAR12.8million (US$940,000) Growth Fund, launched to boost SME growth and job creation.

The Growth Fund, applications for which are open until June 29, is a fund designed specifically for growing South African SMEs who need a cash injection to scale up further and create jobs.  

Managed by CDI Capital, which was incorporated as a CDI subsidiary in 2016 to catalyse funding for SMEs, the fund has been enabled through contributions by the National Treasury’s Jobs Fund, the Technology Innovation Agency (TIA), and the Western Cape Department of Economic Development and Tourism (DEDAT).

South African-owned businesses who operate within South Africa, are at least one year old, and have turnover or assets above ZAR1 million (US$73,000), and eligible to apply.

Each applicant must demonstrate their year-on-year growth or the potential for sufficient growth, and must be tax compliant. Applicants also need to match 20 per cent of the contribution of the Fund through a cash contribution to achieve agreed objectives. Importantly, the business must be able to create new jobs.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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