We have received several queries from readers on what are the criteria for eligibility to access a R150 million set aside by the Mineworkers Investment Company to invest in black-owned innovative, high growth businesses in South Africa.
We have generated from MIC Khulisani Ventures, a R150 million early-stage investment vehicle, website a quick overview highlighting the eligibility criteria.
MIC Khulisani Ventures will be investing in businesses that are established, and ready to expand their market footprint through business development, increased team capacity and continued development of products and services. For more read: Mineworkers Investment Company Sets Aside R150 Million To Invest In Black-Owned Innovation Driven Businesses
Criteria for eligibility include:
- At least 51% black South African ownership
- Black women-owned businesses are encouraged
- Innovative product or service offering
- Disruptive within sector
- High growth potential
- Open to all sectors except fast food, mining, primary agriculture and franchises
- In operation for at least three years
- Minimum investment requirement of R15 million
If you fit the criteria and are ready to take your business to the next level. You can apply here.
MIC Khulisani Ventures Mission
MIC Khulisani Ventures forms part of the MIC’s core mandate, which is to identify and invest in cash generative assets that create sustainable dividend flow to the Mineworkers Investment Trust.
Is this grant funding?
- No, this is a direct investment for which MIC will receive a share in your business.
Do I have to pay this money back?
- No, this is not a loan. This is a direct investment in your business. This means in exchange for the amount we provide to you which will be used to grow the business, we will receive a share of your business.
What is the minimum amount you are investing?
- We are looking to invest a minimum of R15 million per business that meets our criteria.
Do You provide funding for business ideas?
- No. Funding is only available for established businesses past idea and seed funding stage.
Will you consider my business if I require seed funding or capital?
- We will consider this business provided you have proven your ability to win at least one customer and there is potential alignment with any investment in our existing portfolio or ability for it to benefit our NUM members as well as the business being highly scalable from MIC’s perspective.
If I have black shareholders but the company is not majority black-owned, can I still apply?
- Yes, we will still consider based on your overall BEE score however preference is still held for the majority black-owned companies.