Four South African startups have secured an additional US$35,000 (about ZAR500,000) in funding as well as further support after moving into the second phase of the AlphaCode Incubate programme’s demo day. About 10 South African fintech startups were earlier selected for the three-month AlphaCode Incubate programme, which provides funding, guidance, co-working space and opportunities to apply for further early-stage investment.
The programme concluded with a virtual demo day yesterday (May 13) where startups had five minutes each to convince a panel of judges that they should be part of the second phase of the programme.
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Four startups were selected to advance, unlocking further funding of ZAR500, 000 (US$35,000) each and tailored business support over an additional three months. They are AgriCool, an e-marketplace that links smallholding farmers and buyers to a fair and reliable market; Bento, an out-of-the-box employee perks and benefits platform; Imfuyo Technologies, a smart farming solution that gives livestock farmers better oversight of their operations at viable cost points; and MatchKit, which helps athletes better commercialise their careers.
“Despite a tumultuous year, a number of entrepreneurs saw how they could fill a gap in the market for financial services and related industries. Those selected in the top four earned the opportunity for further funding and mentorship. The first part of the intensive programme focused on entrepreneurship and refining business models. The second phase will focus on revenue generation,” said Andile Maseko, head of ecosystem development at AlphaCode.
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In addition, the four startups will also be able to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.
“We have been very impressed with the level of drive of these 10 startups who applied what they have learned on the AlphaCode Incubate programme as they focused on increased traction. The standard of these ideas gets better every year. It’s been a very intense time for the participants and we look forward to growing the four businesses,” said Dominique Collett, head of AlphaCode and a Rand Merchant Investments Holdings (RMI) executive.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry