AlphaCode’s annual incubation programme has awarded five local tech start-ups grant funding to the value of R2.5 million.
The start-ups – Abela, Sizanani, BriefCo, Vocalysd and Welo – were selected from a group of eight that pitched their products and solutions during the virtual demo day hosted by AlphaCode.
In a statement, AlphaCode says nearly 170 tech businesses initially applied for AlphaCode’s Incubate programme.
Only eight were selected to participate in the initial three-month programme that provided guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space, and opportunities to apply for further early-stage investment.
The selected start-ups, founded during the pandemic, each receive R500 000 in funding, as well as an additional six months of mentorship and expert execution support.
Furthermore, they will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage start-ups.
Says Amina Patterson, head of operations at AlphaCode: “What was remarkable about this cohort is that there are seven female founders across the eight start-ups, several of whom have run successful businesses prior to these start-ups, which we know makes for more successful entrepreneurs. Women are grossly underrepresented in the start-up ecosystem globally.
“Representation matters and by having a diverse AlphaCode team and selection panel, we have an inclusive and diverse cohort. Female founders are eager to engage and contribute to the start-up sector and it helps when they are given the platforms to truly be heard, acknowledged and appreciated.”
AlphaCode is an incubation, acceleration and investment vehicle for early-stage businesses, powered by Rand Merchant Investment (RMI) and Royal Bafokeng Holdings.
The Alphacode Incubate programme awards entrepreneurial packages to SA’s most promising innovative tech-enabled start-ups through AlphaCode with the support of RMI. It has disbursed R36.7 million in funding to 50 tech-enabled start-ups over the past seven years.
Dominique Collett, head of AlphaCode and an RMI executive, comments: “We are in the seventh year of this programme and it was clear this year how the standard has raised.
“At demo day, we were so blown away by the talent of the entrepreneurs that RMI awarded additional budget for a fifth business to move forward to the next phase. Our initial intention was four. We will also offer mentorship to the three businesses that didn’t make it to the next round because they are so promising.”
The winning start-ups are:
- Abela is a mobile payments platform that allows the underserved to make and receive payments. Tom David and Amery Winter are co-founders.
- Co-founded by Catherine-Jane Paulse, Yusha Davidson, Carlton Ngwenya and Dhanyal Davidson, BriefCo is a legal cost consultancy leveraging technology to digitise and automate the preparation of bill of costs and oppositions.
- Sizanani is a stokvel management platform providing a WhatsApp stokvel solution. The founders are Makabongwe Gambushe, Sinqobile Mashalaba and Thandolwethu Hlongwane.
- Founded by Kelly Hoffman, Vocalysd aims to transform conversations into actionable insights by leveraging artificial intelligence for call monitoring, analysis and reporting.
- Welo provides on-site healthcare services, home medicine delivery and pathology services for individuals and corporates. It is founded by Zanele Matome.
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