Structured entrepreneurship development programme Grindstone Ventures has announced black female-owned grilled chicken business Chicken Bar as the first startup to benefit from a funding programme launched by it and the Mineworkers Investment Company (MIC) in 2024.

Together with MIC, Grindstone designed the programme to accelerate the growth of high potential, black-female-owned businesses poised to disrupt their markets.

Grindstone selected Chicken Bar for the programme after a multi-stage commercial viability evaluation process, as a prime candidate company to scale through a franchise model.

The startup, which offers fresh, healthy and distinctly South African meals, stood out for its clear growth trajectory, founder resilience and unique positioning in a significantly competitive fast-food landscape dominated by large established brands, explains Grindstone managing partner Catherine Young.

MIC chief investment officer Nchaupe Khaole comments that the partnership with Grindstone marks a tangible commitment to closing the funding gap for black female entrepreneurs who have historically been overlooked.

“By investing in a business such as Chicken Bar, we are not only empowering strong founders but also driving inclusive economic growth that benefits our communities and the economy.”

For Chicken Bar founder Asanda Maqabuka, the partnership and investment means more than just funding, rather it is a vote of confidence in her vision and she deems it a chance to create lasting impact in communities.

The female funding initiative ultimately targets four black-female-owned startup companies over five years, with MIC having committed capital and Grindstone acting as fund manager and offering venture-building support to each company.

Recruitment for the remaining three businesses is still under way.

Grindstone is a global accelerator founded in 2013 to assist high-growth entrepreneurs and companies. It is currently co-owned by Knife Capital and Thinkroom. The company has an existing record of accelerating numerous South African startup companies over the last decade.

In turn, MIC is a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust to create sustainable asset bases for the benefit of mine, energy and construction workers and their dependants.

MIC has grown to invest in large and small companies in various sectors, with a focus on strong governance and transformation.