The year long AlphaCode Incubate programme reached its conclusion recently with a demo day and one startup has been awarded additional grant funding.
That startup is Jamii Cities. The platform matches landlords and tenants by rewarding tenants for good financial behaviour related to rental payments.
The demo day saw eight businesses pitch and demo their businesses to a panel of judges which included:
- Anthony Knox, Managing Director Investment Banking at BofA Securities
- Katlego Kobue, Investment manager at Royal Bafokeng Holdings
- Nimalan Reddy, Junior Investment Executive, RMI
- Tanye ver Loren van Themaat, a senior mentor on AlphaCode Incubate
While all eight startups walk away with entrepreneurial packages valued at R2 million, Jamii Cities was awarded an additional R450 000 in grant funding.
The judges described Jamii Cities as having “a scalable defensible business model which could grow exponentially over the next few years.”
Speaking about it BofA Securities’ involvement in AlphaCode Incubate, Knox said, “We have partnered with AlphaCode since its inception in 2015 and I am delighted to see the organisation go from strength to strength. It’s hugely encouraging to see how far many of the 2018 cohort have progressed in the last 12 months, thanks to the AlphaCode Incubate programme, which has equipped these entrepreneurs with the tools and training they need to play an active role in building the future fintech sector in South Africa.”
Congratulations to the startups that participated in AlphaCode Incubate this year and special congratulations to Jamii Cities for scooping the extra grant funding.