South African startups Respo, Syked and Word of Mouth have secured a combined total of ZAR3 million (US$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, provides investment readiness and funding support to some of the most innovative social enterprises in South Africa.
Selected ventures participate in Impact Amplifier’s Investment Readiness Programme before being guided through the process of seeking investment support from the SAB Foundation and other investors.
The seventh edition of the programme concluded recently with three startups pitching to the SAB Foundation and securing ZAR3 million (US$175,000) in funding.
They were Respo, which has developed an app that provides affordable private ambulance service to low-income South Africans; Syked, an online wellness platform that provides virtual counselling sessions to clients over a secure video platform; and Word of Mouth, an end-to-end e-commerce platform that stimulates trade in the informal economy by unlocking the potential of informal entrepreneurs.
Impact Amplifier and the SAB Foundation are in the final stages of selecting the eighth cohort of the SIF in the coming weeks.
