From TechLoy

Grovest, South Africa’s first venture capital company, is currently raising ZAR50 million to invest in disruptive digital technology high growth South African startups.

Grovest seek investors to subscribe between ZAR200,000 and ZAR10 million to the fund at a subscription price of ZAR1,000 per share.

Although the targeted capital base of the fund is ZAR50 million, Chief Investment Officer, Clive Butkow told Disrupt Africa the company was targeting four times that figure and was hopeful that it will be achieved.

“I know it is a tall order with the rand doing what it has done, but we’re bullish,” he said.

Through the fund, which is known as Grotech, Grovest will invest an average of ZAR5 million to ZAR10 million in highly scalable, post-revenue, and preferably post-profit South African startups.

“South African corporates are very slow to innovate. That’s why we’ve set up this fund. Our strategy is quite simple – we buy, we build, and we flip,” Clive Butkow told Disrupt Africa.

He added, “We want to derisk our portfolio. Companies that have good, reputable clients, revenues, are highly scalable, and have high margins. And team is everything.”

Read more at TechLoy