The Mineworkers Investment Company (MIC), a South African investment firm with a 30-year history of supporting community-based economic initiatives, is urging Black-owned businesses to seize a unique funding opportunity. Through its MIC Khulisani Ventures platform, the company has earmarked R300 million ($16.5 million) to support early-stage enterprises that exhibit scalability, innovation, and strong governance. Applications are open until the end of January 2025, with funding expected to commence by March.
Supporting Black Entrepreneurs
MIC Khulisani Ventures, now in its third funding cycle, focuses on investing in businesses that are at least 51% Black-owned. Emphasizing inclusivity, the initiative encourages Black women-owned businesses to apply. According to Keitumetse Lekaba, managing director of I Am an Entrepreneur, the platform’s enterprise development partner, the initiative aims to empower entrepreneurs navigating South Africa’s challenging economic environment.
“This is an uplifting time for South African entrepreneurs,” Lekaba said. “The reduction in load-shedding and declining interest rates provide a more conducive environment for businesses to grow. MIC Khulisani Ventures is here to accelerate that growth for Black entrepreneurs.”
Investment Criteria and Process
The program seeks businesses generating annual revenues of R5–R8 million, with positive cash flows and strong financial reporting. Compliance with statutory and industry regulations is mandatory, along with evidence of robust corporate governance and leadership.
Excluded sectors include seed-stage investments, primary agriculture, and fast-food franchises. However, innovative food service concepts with existing operations may be considered.
“The aim is to find high-growth businesses capable of scaling rapidly,” said Nchaupe Khaole, MIC’s Chief Investment Officer. “We provide growth equity, purchasing shares to fund expansion while ensuring founders retain substantial stakes in their companies.”
What Founders Can Expect
Unlike traditional bank loans, MIC’s investment model involves equity participation. The firm typically takes minority stakes (25–49%) and adopts an active yet non-operational role.
“We’re not passive investors,” Khaole explained. “Our engagement goes beyond quarterly board meetings. We facilitate market access by connecting businesses with MIC’s portfolio companies like Tracker, Metrofile, and PrimeMedia. This hands-on approach helps remove bottlenecks and accelerates growth.”
Founders can also expect regular strategy sessions and access to innovative financing solutions, reinforcing MIC’s role as a strategic partner rather than just a financial backer.
MIC was established by the National Union of Mineworkers to build a sustainable capital base benefiting union members, their families, and communities. Over the years, it has built a diverse investment portfolio spanning sectors like finance, media, and technology.
Khulisani Ventures builds on this legacy, addressing gaps in South Africa’s funding landscape by targeting Black-owned businesses with high growth potential.
How to Apply
Interested businesses can apply via the MIC website. The selection process prioritizes scalable, innovative solutions that can make a meaningful impact in their industries.
With the deadline fast approaching, MIC Khulisani Ventures offers Black entrepreneurs a pathway to scale their ventures, supported by both capital and strategic expertise. Founders are encouraged to take this opportunity to join a growing ecosystem of empowered South African businesses.