Entirely black-owned broad-based investment holding company, the Mineworkers Investment Company (MIC), and Cape Town-based specialist startup accelerator company Grindstone, have entered into a partnership to fund and accelerate four black-women-owned startups. This support will be delivered through the latter’s specialised accelerator programme, GrindstoneX.

“As an active equity partner, MIC is committed to identifying, supporting, and growing technology-driven, innovative, high-growth businesses owned by black women in South Africa,” affirmed MIC chief investment officer Nchaupe Khaole. “Our collaboration with GrindstoneX is a step towards levelling the playing field, ensuring that smaller black-female-owned enterprises receive the attention and resources they deserve. It is also an investment in the future, helping narrow the gender investment gap, increase diversity in funding, and, in doing so, contributing to the growth of the South African economy.”

MIC will fund the four yet-to-be-selected tech and tech-enabled startups. Grindstone will assist with deep, business-growing interventions in the chosen startups. To be eligible, startups must be at least 50%-owned by black women.

Grindstone has so far undertaken 16 startup accelerator programmes, which the company calls “cohorts” (each programme, or cohort, involved varying numbers of startups). To date, the enterprises which graduated from these programmes have raised funding totalling R2.2-billion, and grown their combined revenues to more than R532-million. At the start of its activities, only 19% of the startups it assisted were women-owned (drawn from all the country’s population groups). But, from cohort five to cohort 16, this proportion has been 47%. From cohort one to cohort 16, the proportion of black-owned (both men and women) startups assisted by Grindstone went from 7% to 60%.

“We are thrilled with the progress we’ve made and the impact we’ve had on the entrepreneurial landscape to date,” highlighted Grindstone partner Catherine Young. “The partnership with MIC enables us to continue to drive impact and momentum. Our focus remains on empowering startups, particularly female-led businesses, to achieve remarkable growth and sustainability. When we invest in women, we know we grow economies, boost employment, and support inclusivity. More so, what we’re doing with MIC to support entrepreneurs at the seed and post-seed stages is certain to uplift and inspire other women.”