Sandton-based tech non-profit organisation Empire Partner Foundation (EPF) has joined forces with EPF Tech Fund to launch an R80 million tech investment purse to support startups across the country.
The fund, backed by NMVE Capital, TDM Ventures, and Digication as its first investors, will invest in students and graduates, who are developing tech solutions that create a meaningful impact.
The fund said, in its first phase, it invested in 20 data start-up firms in the last 18 months with a combined value of R150 million.
Now the latest phase will benefit some 15 start-ups that have been through EPF Incubation Hub in Johannesburg.
In this cohort, start-ups such the Agricode, Digital Pulse, What the Hack, MicroApps, Tech Swat, Makwarela Campus 123 and others, are set to benefit.
The EPF, which has since 2016 been working with developers with scalable ideas to create new solutions using technology that impact social change and increase sustainability, has now set its sights on funding start-ups.
The tech non-profit entity is seeking to grow an ecosystem of African developers that use technology to improve communities on the continent.
The launch of the Cape Town-based EPF Tech fund comes at a time access to finance has been cited as one of the biggest obstacles entrepreneurs face in South Africa.
Giving further details, Senior Manager at EPF Mikhial Mariemuthu said: “We are the venture capital Investors for students that excel at the EPF Incubation Hub.
“The EPF Incubation Hub enables students that have won the monthly Hackathons to develop their winning solutions into viable products. We have created companies for these students.
“Our objective is to develop young entrepreneurs, propel South Africa forward into the4IR, solve key challenges through tech, empower young people to become leaders in the tech space and drive South Africa’s economic growth by assisting tech start-ups”.
In the current cohort, Mariemuthu says, to qualify for funding, start-ups must have locally developed tech solutions, be youth-led, driven and scalable on the continent.
He says the tech fund is privately managed and investors in the project are companies that are committed to “future-proofing Africa by investing in youth lead technology solutions that are scalable across the continent”.
