South African startups are in for a boost as tech-focussed business accelerator, Seed Engine, dishes out R100,000 to selected ventures.
The accelerator’s first 13-week boot camp has already begun with six ventures selected from over 300 applications, while the next round of business ideas are being sought.
The following six startups were selected to take part in the programme:
- IntelliCred.com – an online brand protection and authentication business;
- Cirqls.com – connects online buyers and sellers via social circles;
- After-Class.co.za – a social education network offering peer-to-peer support for students and teachers across school borders;
- zehoo.me – a mobile document aggregator;
- ChowHub – an online restaurant discovery and order platform;
- OnQ – restaurant process optimiser.
Each of the selected ventures has been given R100,000 in seed capital to convert their ideas into practical business plans.
These plans will then be showcased on 3 May to draw further investment from potential angel investors.
According to the accelerator, entrepreneurs will be able to raise between R200,000 and R2 million in investment, depending on the business case.
Entrepreneurs are undergoing coaching, mentoring and have been provided with work space and support and an opportunity to grow their concept into a business, Seed Engine said.
The next round
Entries for the second round of investment are now open, Seed Engine said. The next programme will begin 1 June 2013.
“We are looking for early stage tech entrepreneurs who have killer ideas and big dreams and who are ready for a life-changing journey,” said Seed Engine CEO, Marc Elias.
Seed Engine is an investment engine run in partnership with Redwood Capital.
Redwood Capital has provided funding to develop the innovative workspace and is involved in the mentoring of entrepreneurs during the activation process.
The accelerator also has backing and support from tech and other companies looking to boost start-up culture and employment in South Africa.
These include, Microsoft; ITEC; business advisors, PKF; coaching and leadership facilitation company, Urban Everest; and private property and construction company, Tiber.