South African Startups May Get Up To $60k In Funding From TIA and Black VC WZ Capital Partnership

Startups in South Africa have a new fund, courtesy of a partnership between Technology Innovation Agency (TIA) (South Africa’s national public entity that serves as the key institutional intervention to bridge the innovation chasm between research and development) and a Black owned Venture Capital Fund, WZ Capital. The aim of the fund is to promote and support entrepreneurs with innovative ideas that have the potential to disrupt markets.

TIA’s Interim CEO, Douglas G. Clark

“The collaboration will assist bridge the gap in accessing funds for SMME’s that operate in the innovation space and also shows TIA’s commitment in finding meaningful financial solutions in helping entrepreneurs during and beyond the COVID-19 epidemic,” TIA’s Interim CEO, Douglas G. Clark said

Here Is What You Need To Know

  • The partnership between TIA and WZ Capital have resulted in the launch of Industry Matching Fund (IMF) Programme, a pilot initiative in partnership with the private business sector. 
  • The proposed model fosters technology development and commercialisation on a cost-sharing basis. 
  • The co-investment amount that will be allocated by WZ Capital under this pilot is R1.5 million and TIA shall co-invest from its existing instruments such as the Seed Fund, Rapid Fund, Technology Development Fund and the Pre-commercialisation Support Fund.

“We would like to commend TIA for launching the Industry Matching Fund, it not only shows their commitment to drive socioeconomic change by supporting startups throughout their various growth phases, but to realise this change through collaborations that also include partnerships that are often overlooked. 

WZ Capital over the past 5 years has worked with amazing entrepreneurs in areas such as MedTech, Hospitality Tech and AI and we look forward to making an even greater contribution through this relationship,” the Principal Officer for WZ Capital, Mr Lundi Njomane was quoted as saying.

Read also: Over $23 million Investment Made By South Africa’s TIA And SME Fund In 3 South African VC Funds

A Look At The Partners

  • WZ Capital targets entrepreneurs with scalable and disruptive concepts and ideas that have never been seen in a certain industry. It is the first black owned, family founded VC fund to collaborate with TIA. 
  • The firm seeks to assist with early-stage startups as a series A investor, with a ticket size of up to R1 million. 
  • The firm strives to set in motion the ideas of skilled innovation entrepreneurs who lack access to funding and key networks by acting as an impetus for great ventures that will reform markets. 
  • Their goal is to bridge the gap between talented game-changing entrepreneurs who lack the resources to pursue their endeavors of entering the market. In addition, the fund places emphasis on the black community’s tremendous creativity.
  • TIA is a national public entity of Department of Science and Innovation that serves as a key institutional intervention to bridge the gap from idea to market, enabling research and development from higher education institutions, science councils, public entities and private sector through to commercialisation.

For more enquiries contact: 

Tandokazi Nquma; 

E-mail: Tandokazi.nquma@tia.org.za; 

Contact: 012 472 2793

Source: TIA

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.