Snapchat to invest R2.2 million in South African startup: report

Snapchat has announced its startup accelerator – Yellow – will offer $150,000 (R2.2 million) in funding and creativity-centric business education in exchange for an equity stake in several hand-picked startups including one from South Africa.

According to a report by TechCrunch, nine companies will take up a three-month residency in one of Snap’s buildings in California as part of the accelerator programme.

The accelerator class ranges from augmented reality and journalism studios, to lifestyle brands around weddings and fashion, to aesthetic-focused marketplaces like ConBody that pairs you with a muscular ex-convict for workouts.

One of these companies is Hashtag Our Stories – a Durban-based startup which aims to create an international mobile journalism (MOJO) network, publishing vertical video stories on social media.

According to the company’s website the network is ‘created by citizens, but curated by journalists’.

“Since September 2017, we’ve empowered 200 citizen storytellers in over 40 countries to produce videos with their phones,” it stated.

“We focus on constructive, solutions-based stories and provide more diverse news coverage. Because more cameras and more perspectives means more truth.”


Read: South African tech group Yoco raises $16 million in funding

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