Newly-launched develoPPP Ventures accepting applications from SA startups for funding
A new funding program for South African startups called develoPPP Ventures has been introduced by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
Innovative South African small and growing businesses (SGBs) with the potential to produce quantifiable, positive social or environmental impacts in addition to financial returns are supported during the growth phase by the develoPPP Ventures program.
Startups can receive grants of up to EUR 100,000 (US $110,000) towards a growth investment to scale up their development-relevant business model. The funding is determined through regular competitions.
The financing provided by develoPPP Ventures is intended to help these businesses cross the initial barrier to become sufficiently appealing to banks or commercial investors. In order to demonstrate first sales figures, the SGB must present at least one annual financial statement, have a relevant product or service already available on the market, and be registered in South Africa.
In addition to financial support, the companies that meet the eligibility requirements will get customized technical help to increase their chances of success. In order to execute develoPPP Ventures in South Africa, GIZ is assisted by the global startup ecosystem-building organization VC4A and the locally focused angel investment group Jozi Angels.
The deadline to apply for South Africa’s first develoPPP Ventures competition is June 30.
