WeChat Africa plans to invest R50 million in tech startups in Africa, to support local entrepreneurs and technology innovations. By Staff Writer
WeChat Africa will identify promising tech startups, via an application and selection process, and support their speedy entrance into the market using the WeChat platform.
To coordinate the initiative, tech strategy practice firm, Batstone, has been appointed by WeChat Africa to source and coordinate early stage investment opportunities among tech startups in Africa.
“Our fund aims to provide financial support to businesses so that they can effectively get on the WeChat platform. This will include technical integration and communications tactics across the Naspers’ stable and other suited channels,” says Brett Loubser, head of WeChat Africa.
Since the success of partnerships with startups such as Money4Jam, PicUp and Order In,
WeChat’s growth strategy has increasingly focused on integrating with early stage businesses whose models strategically fit with, and clearly demonstrate, the power of the platform and its positioning in the market.
“We have been working with Batstone since mid-2014 and in that time have come to trust their purpose-led approach to understanding and supporting tech businesses. This approach, coupled with their networks, means our partnership is well placed to identify and vet the best possible investment opportunities for WeChat.” says Loubser.
This program will focus on selecting tech-enabled businesses that have initial market validation as well as a viable product and could clearly benefit from WeChat’s technology platform and the accompanying access to potential consumers.
In addition to identifying potential partners for WeChat Africa, Batstone will provide strategic consulting services to effectively support these businesses through their growth phases and entrances to the market.