Applications have opened for the WeChat fund start-up programme, aimed at supporting tech-enabled businesses.
The R50-million seed fund was introduced in December and is aimed at South African start-ups working in the technology space.
Applicants are required to upload a two-minute video on YouTube as well as a Tweet for their application.
Technology strategy practice Batstone has been appointed by WeChat Africa to source and coordinate its early stage investment opportunities.
The fund will be used to identify and support tech-enabled businesses by assisting with rapid market access using the WeChat platform.
According to a survey conducted by PWC and Silicon Cape, access to markets is one of the biggest inhibitors to growth for tech-enabled businesses in emerging markets.
WeChat says the programme will focus on selecting tech-enabled businesses that have initial market validation, a minimal viable product and could clearly benefit from both WeChat's technology platform and access to potential consumers.
Alexandra Fraser, partner at Batstone, says it's not just applicable for mobile start-ups, but for any start-up that's trying to really accelerate their growth in a consumer-taken space.
"It also allows start-ups to integrate into a platform that has already done all of the heavy lifting in terms of payment and wallet functionality, to building and logistics."
The programme will focus on selecting tech-enabled businesses that have initial market validation, a minimal viable product and could clearly benefit from both WeChat's technology platform and access to potential consumers, says WeChat.
Fraser believes the fund fits beautifully into the local VC landscape.
"Our sense is that it complements many of the existing funds and investment strategies in the market."
Applications are through Batstone's Web site. The deadline for the applications is 5pm on 12 February 2016.
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