Last week AlphaCode hosted a virtual demo day as part of its Incubate programme and four startups have been awarded funding of R500 000 each after convincing judges their startup deserved to enter the second phase of the programme.
The four startups selected come from a cohort of 10 which just recently completed a three month long programme.
“Despite a tumultuous year, a number of entrepreneurs saw how they could fill a gap in the market for financial services and related industries. Those selected in the top four earned the opportunity for further funding and mentorship. The first part of the intensive programme focused on entrepreneurship and refining business models. The second phase will focus on revenue generation,” head of ecosystem development at AlphaCode, Andile Maseko, said in a statement.
The four startups which have been selected will now be granted access to an extended six month programme as well as having the ability to apply for seed capital from AlphaCode’s fund for early-stage startups.
The panel of judges included
- Willem Roos – former CEO of Rain and former founder of OUTsurance;
- Raymond Ndlovu – CEO of Community Investment Ventures with a stake in Vumatel
- Dominique Collett – a fintech specialist and senior investment executive at Rand Merchant Investments
- Danie Matthee – CEO of OUTsurance;
- Mcebo Ntombela – investment manager at Royal Bafokeng Holdings.
These are the startups which have been selected.
This online marketplace links farmers and buyers to a fair and reliable marketing.
Founded by Zamokuhle Thwala, AgriCool offers farmers access to finance, reliable information on improving their production, and it works with both formal and informal markets. Street vendors, retailers, the hospitality industry can have fresh produce delivered through the platform.
Employee wellness has been a topic of discussion throughout the last year and Bento helps businesses give employees perks and benefits with a cost effective solution.
“Employees are empowered to self-manage their benefits and perks which gives them freedom of choice over their remuneration structure and take-home pay,” explains AlphaCode. Founders Claudia Snyman and Dennis Williamsexplain more in the video below.
This startup is combining data, analytics and livestock into a solution that will give farmers better oversight over their business.
The initial offering will consist of a smart tracker that will collect critical data about cattle location and behaviour. The data is analysed to enable farmers to optimise farming activities. The platform will also serve as a de facto cattle deeds office, providing better traceability across the beef production value chain.
Founded by Allasandro Da Gama, Imfuyo Technologies will also assist farmers in getting better access to financial markets.
MatchKit.co is a platform whereby athletes can leverage their social platforms and reach to attract advertisers.
It also offers a plug-and-play e-commerce store where fans can purchase everything from bespoke, branded merchandise to personalised video and audio shout-outs. MatchKit.co plans to add insurtech and transactional/virtual card capabilities to the offering.
“We have been very impressed with the level of drive of these ten startups who applied what they have learned on the AlphaCode Incubate programme as they focused on increased traction. The standard of these ideas gets better every year. It’s been a very intense time for the participants and we look forward to growing the four businesses,” said head of AlphaCode, Dominique Collett.
To date, the AlphaCode Incubate programme has disbursed R32 million in funding to 31 black-owned financial services businesses over the past five years.