South Africa: Sab Foundation Backs South African Startups With $175k

3 October 2024
Daba Finance (Abidjan)

TLDR

  • South African startups Respo, Syked, and Word of Mouth secure $175,000 in funding from SAB Foundation's Social Innovation Accelerator and Fund (SIF).
  • SIF, managed by Impact Amplifier, supports innovative social enterprises in South Africa, providing investment readiness and funding support.
  • Seventh edition of SIF concludes with three startups receiving funding; selection for the eighth cohort underway.

South African startups Respo, Syked, and Word of Mouth have secured a combined total of $175,000 in debt and grant funding from the SAB Foundation's Social Innovation Accelerator and Fund (SIF).

The SIF, launched in 2017 and managed by Impact Amplifier, supports innovative social enterprises in South Africa, providing investment readiness and funding support.

The seventh edition of the SIF concluded recently, with three startups pitching to the SAB Foundation and receiving funding. Impact Amplifier and the SAB Foundation are currently finalizing the selection for the eighth cohort of the SIF.

Key Takeaways

The SAB Foundation's continued investment in social innovation reflects its commitment to supporting impactful startups in South Africa. The funding will enable Respo, Syked, and Word of Mouth to expand their reach and further address critical social issues, from healthcare access to informal trade. The Social Innovation Accelerator program plays a crucial role in preparing these startups for investment, fostering a more inclusive and sustainable business environment.

Read the original article on Daba Finance.

Tagged:
Copyright © 2024 Daba Finance. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.