Late last year, leading social communication platform, WeChat launched a ZAR50million fund to be used for investment in promising mobile startups in South Africa.
At the moment, applications for the Summer 2016 cycle of fund are being accepted.
The fund is open to startups with a developed and tested MVP (minimal viable product), that can demonstrate strong growth/traction in the South African market and has the ability and appetite to expand into other markets on the WeChat platform.
Also, startups must not be a competitor to other official WeChat accounts (e.g. a business which directly competes with PicUp or Money4Jam).
During the application process, startup founders would be required to describe their startups in a tweet and upload a 2 minutes video to YouTube with details about their startups.
After the application process, selected startups will be invited to participate in a series of purpose and strategy workshops in Johannesburg or Cape Town in March 2016.
At the workshops, the strategic fit with the WeChat platform of the startups will be further assessed, and will help in determining the kind of support the startups will require.
Only Startups that integrate into the WeChat platform will be funded.
“Our fund aims to provide financial support to businesses so that they can effectively get on the WeChat platform,” Head of WeChat Africa, Brett Loubser said when the fund was launched last year.
He added, “This will include technical integration and communications tactics across Naspers’ stable and other suited channels.”
Interested startups should apply before February 2, 2016. Successful applicants will receive an email by 26 February.
Naspers-backed WeChat has invested in South African startups such as M4JAM, PicUp and Order In, and this fund is another avenue to further invest into more startups.
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