Social media app WeChat Africa says it plans to invest R50 million in tech startups in Africa, to support local entrepreneurs and technology innovations.
WeChat Africa will identify promising tech startups, via an application and selection process, and support their speedy entrance into the market using the WeChat platform.
To coordinate the initiative, tech strategy practice firm, Batstone, has been appointed by WeChat Africa to source and coordinate early stage investment opportunities among tech startups in Africa.
Brett Loubser, head of WeChat Africa said: “Our fund aims to provide financial support to businesses so that they can effectively get on the WeChat platform. This will include technical integration and communications tactics across the Naspers’ stable and other suited channels.”
WeChat has already partnered with the following startup companies: Money4Jam, PicUp and Order In.
This program will focus on selecting tech-enabled businesses that have initial market validation as well as a viable product and could clearly benefit from WeChat’s technology platform and the accompanying access to potential consumers.
In addition to identifying potential partners for WeChat Africa, Batstone will provide strategic consulting services to effectively support these businesses through their growth phases and entrances to the market.