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AlphaCode Awards More than $161,000 to Pandemic-Founded Tech Startups

June 6, 2022

Dominique Collett, senior investment executive at Rand Merchant Investments and the head of AlphaCode

Finest tech startups in South Africa which were founded during the pandemic stand to win more than $161,000 if they are able to convince a panel of judges that they should remain part of the next phase of the AlphaCode Incubate programme.

Five of the eight startups which just completed a three-month programme were selected to receive R500,000 ($32 265,25) grant funding each, an additional six months of mentorship and expert execution support.

“What was remarkable about this cohort is that there are seven female founders across the eight startups, several of which have run successful businesses prior to these startups which we know makes for more successful entrepreneurs,” Amina Patterson, head of operations at AlphaCode, said.

“Women are grossly underrepresented in the startup ecosystem globally. Representation matters and by having a diverse AlphaCode team and selection panel, we have an inclusive and diverse cohort. Female founders are eager to engage and contribute to the startup sector and it helps when they are given the platforms to truly be heard, acknowledged and appreciated,” Patterson said.

“Another point to highlight is that every year the businesses focus on getting to know their customers, solving their customer problems and getting traction, but this cohort blew the lights out. I believe the pandemic forced the founders to work extra hard getting to know their customers and they had to be incredibly resourceful, resilient and creative in how they validated their products with customers,” she said.

In addition, these startups will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.

The five promising businesses selected include:

Fintech Abela – a mobile payments platform that allows the underserved to make and receive payments. Tom David and Amery Winter are co-founders.

Legaltech BriefCo – a legal cost consultancy leveraging technology to digitise and automate the preparation of bills of costs and oppositions. Catherine-Jane Paulse, Yusha Davidson, Carlton Ngwenya and Dhanyal Davidson are co-founders.

Fintech Sizanani – a stokvel management platform providing the first Whatsapp stokvel solution. Founders are Makabongwe Gambushe, Sinqobile Mashalaba and Thandolwethu Hlongwane.

Datatech Vocalysd – transforming conversations into actionable insights by leveraging AI for call monitoring, analysis and reporting. Kelly Hoffman is the founder.

Healthtech Welo – on-site healthcare services, home medicine delivery and pathology services for individuals and corporates. Founded by Zanele Matome.

“We are in the seventh year of this programme and it was clear this year how the standard has been raised. At Demo Day we were so blown away by the talent of the entrepreneurs that RMI awarded an additional budget for a fifth business to move forward to the next phase. Our initial intention was four. We will also offer mentorship to the three businesses that didn’t make it to the next round because they are so promising,” Dominique Collett, head of AlphaCode and a Rand Merchant Investments Holdings (RMI) executive said.

Almost 170 tech businesses initially applied for AlphaCode’s Incubate programme which aims to grow innovative tech-enabled startups and find the next OUTsurance or Discovery. Only eight were selected to participate in the initial three-month programme that provided funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space, and opportunities to apply for further early-stage investment.

The panel of judges included Collett and Abu Cassim from AlphaCode as well as Per Lagerstrom, CEO and co-founder of Mavens and YellowSpot, an entrepreneur and angel investor Raj Wanniappa, founder and MD of Agile Venture Holdings. All have previously invested in startups.

The AlphaCode Incubate programme has disbursed R36.7-million ($2.4-million) in funding to 50 tech-enabled startups over the past seven years. It is viewed as South Africa’s most prestigious fintech startup initiative.

AlphaCode Incubate awards entrepreneurial packages to South Africa’s most promising financial services startups through AlphaCode with the support of Rand Merchant Investments.

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

Five Fintech Startups Selected For AlphaCode Incubation Programme

June 5, 2022

AlphaCode, a fintech startup initiative, has picked five fintech startup companies that will receive a further six months of mentorship and execution support after completing a three-month program and receiving R500 000 in grant financing each.

Through its Incubate program, AlphaCode welcomes entrepreneurs with early-stage fintech or related sector firms.

Amina Patterson, AlphaCode’s operations head

Last year, AlphaCode chose eight businesses to participate in the three-month program, following which five businesses persuaded a panel of judges that they should remain in the Incubate program.

Almost 170 technology companies applied for the AlphaCode Incubate programme, and eight were chosen to participate in the three-month program, which included funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s working space, and opportunities to apply for additional early-stage investment.

Amina Patterson, AlphaCode’s operations head, says the eight firms were particularly impressive, with seven of the eight helmed by female founders.

She notes that AlphaCode had planned for four startups to move to the six-month program, but the talent was too enticing not to bring on one more.

The three businesses that did not move to the next stage of the program continue to be mentored.

Executive Dominique Collett of parent business Rand Merchant Investment Holdings remarks on how the standard of the AlphaCode Incubate program has been increased.

The five participants in the six-month program will each get a stipend of R500 000.

Over the last seven years, AlphaCode Incubate has distributed R36 million in funding to 50 tech-enabled startups.

The five selected businesses are:

Abela, a mobile payments platform that allows the underserved to make and receive payments;

BriefCo, a legal cost consultancy leveraging technology to digitise and automate the preparation of bill of costs and oppositions;

Sizanani, a stokvel management platform providing the first Whatsapp-based stokvel solution;

Vocalysd, a transformative conversation-related technology leveraging artificial intelligence for call monitoring, analysis and reporting; and

Welo, an on-site healthcare services, home medicine delivery and pathology service catering to individuals and corporates.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

How Startups In South Africa Can Apply For New Funding From AlphaCode

September 23, 2021

AlphaCode ’s annual incubation program is already accepting applications, and the investment vehicle is looking for early-stage fintech and related-sector startups in South Africa. Financial services entrepreneurs and fintech enterprises have until October 31 to submit their applications for a chance to win an R1.5 million entrepreneurial package, according to AlphaCode.

*Amina Patterson, head of incubation at AlphaCode*

“Despite the psychological, financial and health challenges we faced during the pandemic, there has been incredible camaraderie and traction achieved among the selected start-ups,” said Amina Patterson, head of incubation at AlphaCode who added that the programme for 2021 was run completely remotely due to the COVID-19 pandemic.

Here Is What You Need To Know

AlphaCode is a Rand Merchant Investment-backed incubation, acceleration, and investment vehicle for early-stage financial services companies.

The yearly AlphaCode Incubate program aims to find and reward high-potential, innovative entrepreneurs in order to promote fintech and financial services development in South Africa.

The program provides funding, mentorship, and access to AlphaCode’s exclusive co-working space, as well as guidance from experienced mentors and a panel of advisory experts.

Over the last six years, it has granted R33.5 million in support to 41 black-owned financial services enterprises.

The programme is divided into two parts. Eight businesses are chosen to participate in a 12-week intensive pre-incubation program in the first phase, with each receiving R150 000 in grant funding. The goal of this pre-incubation program is to develop a sustainable business concept. It concludes with a demo day, during which participants compete for a spot in the six-month step-up program.

In phase two, four startups are selected for a six-month intensive incubation program aimed at establishing product-market fit and financial sustainability, with each participant receiving R500 000 in grant financing.

Participants can apply for seed money from AlphaCode’s new seed fund, which invests in pre-seed and seed stage start-ups, at any time during or after the program.

How Startups May Apply

“AlphaCode Incubate is looking for exceptional entrepreneurial teams, with the grit to run with an early-stage business or idea that is differentiated and compelling,” Patterson said.
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“We need entrepreneurs who can navigate the challenges of a start-up to reach success. It is our mission to support disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry, as we hope to find South Africa’s next generation of successful financial services ventures.”

Click here to apply for the 2022 program, which begins on January 17, 2022.

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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

South African Startups Got Funding After AlphaCode Incubate Programme

May 15, 2021

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.

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.

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

How Fintech Startups In South Africa Can Apply For AlphaCode Incubate Programme’s $600k

October 2, 2020

Fintech startups in South Africa have been invited to apply for the latest edition of the AlphaCode Incubate programme, which aims to identify, partner and grow innovative financial services entrepreneurs.

*Andile Maseko, head of ecosystem development at AlphaCode*

“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success. Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” said Andile Maseko, head of ecosystem development at AlphaCode.

Here Is What You Need To Know

For this edition, five startups fintech startups in South Africa will be chosen.
Each startup will then go ahead to receive grant funding of ZAR500,000 (US$30,000). Apart from this, the startups will also be able to apply for other early stage investments from AlphaCode’s fund.
The AlphaCode Incubate Programme which offers intensive incubation focused on achieving product-market fit, as well as financial viability, also provides to the successful startups guidance from performance coaches as well as a panel of advisory experts, and access to AlphaCode’s co-working space.
AlphaCode is the Rand Merchant Investment Holding (RMI) incubation, acceleration and investment vehicle that identifies, partners and grows early-stage financial service ventures.
Its Incubate programme has disbursed ZAR30 million (US$1.8 million) in funding to 31 black-owned financial services businesses over the past five years, and is now offering another ZAR10 million (US$600,000) through its latest edition.

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Alphacode Incubate how to apply

How To Apply

The selection process promises to be rigorous and will include a bootcamp for 30 best applicants. Thereafter, 10 entrepreneurs will be chosen to take part in a 12-week intensive pre-incubation programme valued at ZAR500,000 (US$30,000), including ZAR150,000 (US$9,000) in grant funding for each participant.
This jump-start programme focuses on achieving a viable business, and culminates in a demo day where participants will compete for a place in a six-month step-up programme.
Applications for the programme are open here until October 26, 2020.

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