In a significant boost to South African entrepreneurship, three innovative startups—Respo, Syked, and Word of Mouth—have collectively secured ZAR3 million (equivalent to US$175,000) in a mix of debt and grant funding. This financial infusion was provided by the SAB Foundation through its Social Innovation Accelerator and Fund (SIF), a program designed to foster social entrepreneurship in the region.
Since its inception in 2017, the SIF, managed by the consultancy firm Impact Amplifier, has been instrumental in offering both investment readiness programs and funding support to South Africa’s most promising social enterprises. The process begins with selected enterprises undergoing Impact Amplifier’s Investment Readiness Programme, which equips them with the necessary skills and knowledge to attract investment. Following this, they are assisted in the pursuit of funding from the SAB Foundation as well as other potential investors.
The latest, seventh edition of the program culminated with three startups presenting their business models to the SAB Foundation, resulting in a successful funding round of ZAR3 million. The beneficiaries include Respo, which has created an application to facilitate access to affordable private ambulance services for low-income communities in South Africa; Syked, an online wellness platform offering virtual counseling through a secure video interface; and Word of Mouth, an e-commerce platform that energizes the informal economy by empowering informal entrepreneurs to scale their businesses.
As these three startups move forward with their newly acquired funding, Impact Amplifier and the SAB Foundation are nearing the selection phase for the eighth cohort of social enterprises to join the SIF, with the announcement expected in the forthcoming weeks.
