Growth and development of South African start-up community supported by UAE investors

Investor and venture capitalists include Middle East Venture Partners and WAMDA Capital

  
WeTility - Sandeep Valodia - Vincent Maposa - Ikenna Oguguo

WeTility - Sandeep Valodia - Vincent Maposa - Ikenna Oguguo

Dubai, UAE : Leading African entertainment company MultiChoice Group has collaborated with South Africa’s Department of Trade, Industry and Competition, Galelo Africa and UAE-based social enterprise Companies Creating Change (C3) to support the growth and development of SMMEs in South Africa through the MultiChoice Accelerator programme.

The programmeforms part of the MultiChoice Innovation Fund aiming to connect companies with global investors to unlock business opportunities that will enrich their lives, the communities in which they function and the South African economy at large. Starting with 20 companies, six have been shortlisted.

Global investors participating on a panel today comprise of representation from some of the UAE’s leading investor and venture capitalists including Middle East Venture Partners and WAMDA Capital.

“With high unemployment rates in South Africa, creating a platform for up and coming homegrown entrepreneurs to raise more funding for their businesses is important, particularly where the result creates more opportunities for others. We understand that the SMME sector is critical to create opportunities in South Africa,” said Collen Dlamini, Group Executive of Corporate Affairs at MultiChoice.

The leading African entertainment company has invested just over 12m AED of grants, resources, and business support towards the shortlisted companies ahead of their final pitch to the global investor panel. Galelo Africa - a black-owned South African financial advisory firm, former benefactor and current manager of the MultiChoice Innovation Fund - assisted the companies in developing their business cases (product and business development) as well as financial management. The companies are:

  • EM Guidance: a digital healthcare platform providing access to the largest, up-to-date database of country-specific medicine information in South Africa.
  • Lightbulb: a learning management systems provider that enables virtual learning and training.
  • Swypa: a township consumer delivery service.
  • Whoosh: a fintech company providing end-to-end payment technologies.
  • Wetility: a hybrid solar solutions provider.
  • IT Thynk: an information and communications technology (ICT) services and gaming technologies provider.

Beginning in September 2021 as a cohort of 20 South African start-ups representing sectors across Healthtech, Fintech, EduTech, Circular Economy and the Creative Industries, numbers have been reduced to support six SMMEs taking part in an intensive virtual bootcamp programme followed by a live pitch day to industry experts and investors. There will be key addresses by Expo 2020 Dubai’s Yousuf Caires, Senior Vice President of Expo Live, the World Expo’s innovation grant programme, and South African Minister of Small Business Development, Stella Ndabeni-Abrahams.

Facilitated by C3 - a United Arab Emirates (UAE) based social enterprise with a footprint in 17 countries across the Middle East and Africa – the programme has enabled the start-ups to access a network of experts and trainers within the international start-up community that have put the entrepreneurs through a rigorous Investor Readiness (IR) programme.

Lauding the efforts of the six shortlisted companies, Medea Nocentini, C3 Founder, said “I am deeply inspired by the six founders selected for the final stage of the accelerator. They have all come a long way since the start of the programme with their dedication, perseverance and passion towards their businesses and the impact they are creating. We are excited to see the levels they have reached and their readiness to meet C3 experts and investors, and explore new opportunities stemming from the UAE.”

-Ends- 

About C3 

C3 – Companies Creating Change is a UAE-based social enterprise supporting impact-driven entrepreneurs across the Middle East, Africa and Turkey in unlocking their growth potential and maximising their impact on the community. C3’s network has grown to over 1,000 entrepreneurs, 4,000 experts and 100 investment firms from across the world. C3 has been awarded as the first international Social Enterprise Mark (SEM) - the UK certification authority and the only international certification for social enterprises - and exclusive SEM partner. C3 has also been recognised as a United Nations Sustainable Development Goals (SDGs) pioneer for outstanding contribution to Goal number 17 “Partnerships for the Goals”. To know more about C3 next initiatives, please, visit http://www.wegrowwithc3.com  

About MultiChoice Group

MultiChoice Group (MCG), which listed in the Main Board of the JSE on 27 February 2019, is one of the fastest-growing video entertainment providers globally, delivering entertainment products and services to 21.1m households across 50 countries on the African continent. Its track record of more than 35 years is reflective of a commitment to provide audiences with only the best local, sport and international content.

MCG’s strong partnerships with distributors, installers and telecommunication companies, along with its well-established payment solutions, competitive pricing and choice of viewership packages continue to secure its place in the global market, while also providing solutions unique to the African market. 

For more information, please contact:
C3 Media Enquiries:
Lana Azhari, Communications & Community Manager
lana@wegrowwithc3.com
MultiChoice Media Enquiries:
Elizabeth Ferreira, Senior Manager: Corporate Communication
Elizabeth.fourie@multichoice.co.za 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2022

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases