English
The tide is beginning to turn towards favoring African women-owned startups which have long faced challenges when it comes to funding.
Coming to the rescue is Khula Lula, the first South African private equity fund to be owned by a black woman.
The micro-financing VC, Khula Lula, which has officially kicked off, targets underrepresented tech startups to support their scale and growth.
Solely founded by Milisa Mabinza, a University of Johannesburg alumni, the new private equity funding aims to bridge existing gaps between South African women involved in early-stage entrepreneurial ventures; boosting female entrepreneurship in the process.
To achieve its objectives, it just made its first angel investment of R200,000 into Native Nylon, an upcoming fashion eCommerce startup.
Native Nylon
Founded by black female entrepreneur, Portia Dhlamini, Native Nylon is set to launch within November 2020. The new micro-financing VC fund will work closely with the black woman-owned tech startup as it ventures into the online retail market.
Providing funding to black-owned tech startups as well as ensuring that their investee’s businesses enter the market, navigate it successfully, and generate consistent revenue.
Khula Lula: Hope of black female-led startups
In an official press release, Mabinza, emphasised that the focal point of Khula Lula is black women founded tech startups.
She said: “It has been important for me to pursue this path because we need more catalysts for change in the venture capital landscape, who actively prioritise the funding of black women founders.”
Additionally, the new VC micro-financing fund will tackle the disproportionate capital funding opportunities open to young black women-led start-ups within the tech space.
Mabiza explains that Khula Lula seeks to address the prevailing challenges faced by both black entrepreneurs and female entrepreneurs in securing funding.
“We cannot build on what is already broken, I think the only way to truly revolutionize the private equity landscape is by tearing down the systems that excluded us for the longest period and build new ones on our own terms.
This is why I have been fearless at defying the status quo by creating a micro-financing angel and venture capital fund for black women because we need funding structures made for us by us, and that means changing the models and metrics of existing models to fit our needs, our ecosystems, and our ability to scale”.
“If Khula Lula could achieve this with just one business we fund, then that would be my most fulfilling work.”
Featured Image: pulse.ng
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.
