Mineworkers Investment Company to provide pre-Series A startup funding
Mineworkers Investment Company to provide pre-Series A startup funding
South Africa’s Mineworkers Investment Company has announced a partnership with Grindstone.
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South Africa’s Mineworkers Investment Company (MIC), an investment holding company, has announced a partnership with Grindstone, an accelerator co-owned by Knife Capital and Thinkroom.
Grindstone’s third GrindstoneX programme will provide pre-Series A funding from MIC to the successful four woman-owned startups at the end of the programme.
The four tech and tech-enabled companies selected to be part of the programme, will be receiving funding from MIC, along with some deep interventions to grow the business by Grindstone.
For MIC, the partnership is an extension of its early-stage investment vehicle, MIC Khulisani Ventures. While the businesses that are being supported fall under the investment threshold for Khulisani, MIC believes this partnership is an opportunity to positively impact female owned businesses that are sometimes overlooked.
“As an active equity partner, MIC is committed to identifying, supporting, and growing, technology driven, innovative, high-growth businesses owned by black women in South Africa. Our collaboration with GrindstoneX is a step towards levelling the playing field, ensuring that smaller black female owned enterprises receive the attention and resources they deserve. It is also an investment in the future, helping narrow the gender investment gap, increase diversity in funding, and, in doing so, contributing to the growth of the South African economy,” said Nchaupe Khaole, chief investment officer of MIC.
MIC is a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust to create a sustainable asset base for the benefit of mine, energy and construction workers and their dependents.
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