{"id":108939,"date":"2016-01-14T11:28:38","date_gmt":"2016-01-14T09:28:38","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=108939"},"modified":"2016-01-14T11:28:38","modified_gmt":"2016-01-14T09:28:38","slug":"new-vc-technology-fund-launches-in-sa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/108939\/new-vc-technology-fund-launches-in-sa\/","title":{"rendered":"New VC technology fund launches in SA"},"content":{"rendered":"<p>A new Venture Capital technology fund has launched in South Africa, called <a href=\"http:\/\/www.grovest.co.za\/grotech\/\" target=\"_blank\">Grotech<\/a>, which will focus exclusively on disruptive innovative technologies with global reach.<\/p>\n<p>The new fund aims to achieve an investment return of five times the risk capital invested with a targeted IRR in excess of 30% per annum, it said.<\/p>\n<p>The fund has been structured so at to benefit from the Section 12 J tax benefit.<\/p>\n<p>Section 12 J of the Income Tax Act, affords investors the opportunity to obtain 100% deduction from their taxable income of the amount invested in the tax year ending 28th February, 2016.<\/p>\n<p>An investment made by a trust, a company or an individual tax payer is able to take advantage of this opportunity.<\/p>\n<p>The Grotech Board is made up of Clive Butkow, a former COO at Accenture, Craig McLeod, a tech entrepreneur, Malcolm Segal and Fatima Habib.<\/p>\n<p>Investors can subscribe for any amount between R200,000 and R10 million.<\/p>\n<p>&#8220;There is a significant opportunity in South Africa for a venture capital fund to provide capital to the disruptive innovation, we are seeing in the ecosystem. Grotech aims to invest in and build a portfolio of high growth disruptive digital technology companies, with a buy, build and exit strategy,&#8221; Grotech said.<\/p>\n<p>&#8220;We believe by injecting capital and helping build these businesses, we will make a significant impact on the economy by creating jobs whilst enabling South African entrepreneurs to build and export their technology to Africa and abroad,&#8221; the company said.<\/p>\n<p><strong>More on tech in SA<\/strong><\/p>\n<p><strong><a href=\"http:\/\/businesstech.co.za\/news\/wealth\/88502\/johann-rupert-backed-fund-raises-r4-billion\/\" target=\"_blank\">Johann Rupert-backed fund raises R4 billion<\/a><\/strong><\/p>\n<p><strong><a href=\"http:\/\/businesstech.co.za\/news\/internet\/78759\/sa-start-up-attracts-r20-million-cash-injection\/\" target=\"_blank\">SA start-up attracts R20 million cash injection<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new Venture Capital technology fund has launched in South Africa, called Grotech, which will focus exclusively on disruptive innovative technologies with global reach. <\/p>\n","protected":false},"author":10,"featured_media":48633,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[25,10987],"class_list":["post-108939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-active","tag-grotech"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=108939"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108939\/revisions"}],"predecessor-version":[{"id":108941,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108939\/revisions\/108941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/48633"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=108939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=108939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=108939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}