In a notable shift toward inclusive venture capital, South Africa’s Mineworkers Investment Company (MIC) has made its first investment under a new funding initiative focused on backing Black women entrepreneurs. The inaugural beneficiary is Chicken Bar, a grilled chicken fast-casual startup founded by Asanda Maqabuka, which was selected for support through a partnership between MIC and Grindstone Ventures.
The initiative, launched in 2024, is aimed at addressing longstanding funding disparities faced by Black female founders in South Africa. MIC, together with Grindstone — a business accelerator co-owned by Knife Capital and Thinkroom — has designed the programme to accelerate high-growth, Black female-owned businesses with scalable models.
Grindstone Ventures selected Chicken Bar following a rigorous multi-stage evaluation focused on commercial viability and potential for national expansion. The business, which serves fresh and locally inspired grilled meals, stood out in a saturated fast-food market dominated by multinational chains. According to Grindstone managing partner Catherine Young, Chicken Bar’s “clear growth trajectory, founder resilience and unique market positioning” made it a compelling candidate for franchise development.
“This partnership is not just about funding,” Maqabuka told Time. “It’s a validation of our vision and a powerful opportunity to create jobs and impact communities, especially for women in underserved areas.”
Grindstone will provide venture-building support, while MIC is contributing capital through a structured equity investment model. The programme plans to support a total of four Black female-owned businesses over five years, with recruitment ongoing for the remaining three.
Nchaupe Khaole, MIC’s Chief Investment Officer, says the partnership reflects a strategic intent to close the gender gap in venture funding while building long-term economic value.
“Investing in Chicken Bar represents a larger mission,” Khaole explained. “We’re building an inclusive economy by backing strong founders with transformative business models. This isn’t charity — this is smart, impact-driven investment.”
Unlike traditional bank loans, MIC’s funding structure involves taking minority equity stakes — typically between 25% and 49% — while leaving operational control with the founders. The firm also provides strategic support, including market access through its existing investment network, which includes firms like Tracker, PrimeMedia, and Metrofile.
“We believe in active partnership,” said Khaole. “Our role goes beyond financial capital — we help remove operational bottlenecks, provide board-level guidance, and unlock new markets.”
A Broader Vision: MIC Khulisani Ventures
This new initiative with Grindstone aligns with MIC’s broader strategy under its Khulisani Ventures platform, which has committed R300 million ($16.5 million) toward supporting early-stage, majority Black-owned businesses across South Africa.
Now in its third funding cycle, Khulisani Ventures prioritizes companies with annual revenues of R5–R8 million, solid financial reporting, and strong governance practices. Sectors such as seed-stage startups, primary agriculture, and traditional fast-food franchises are excluded, but innovative food concepts like Chicken Bar remain within scope.
“Black women founders are often the most undercapitalized segment in the entrepreneurial ecosystem,” said Keitumetse Lekaba, managing director of I Am an Entrepreneur, a development partner for the platform. “This funding model is not just empowering — it’s reshaping the future of business in South Africa.”
Founded in 1995 by the National Union of Mineworkers, MIC is a 100% Black-owned investment company tasked with building a sustainable asset base to benefit mineworkers and their families. Over three decades, it has expanded into multiple sectors — including finance, media, technology, and healthcare — underpinned by a commitment to strong governance and socio-economic transformation.
Through the Khulisani Ventures programme, MIC aims to bridge critical gaps in South Africa’s funding ecosystem. The platform is now accepting applications until the end of January 2025, with investment rounds scheduled to begin by March.
Eligible businesses must demonstrate scalability, strong leadership, and operational readiness. Applications can be submitted through the MIC website, and selected companies will undergo a comprehensive due diligence and evaluation process.
“South Africa is entering a new era for entrepreneurship,” said Lekaba. “With easing economic pressures and targeted capital from players like MIC, the road ahead looks more promising — especially for women.”
As Chicken Bar prepares to scale nationally, its selection marks more than just the beginning of a single company’s growth. It represents a pivot in how capital can be deployed to unlock the potential of often-overlooked founders — and, in doing so, reshape the South African economic landscape from the ground up.