New Funding Boost for African Innovation

South African venture capital firm Grindstone Ventures has announced the launch of a ZAR 500 million (USD 31.3 million) fund dedicated to supporting technology-enabled businesses across Africa.

Addressing a Critical Gap

The new fund, led by Managing Partner Thandiwe Maqetuka, aims to bridge the funding gap that exists between early commercial validation and institutional-scale investment for African startups. With backing from Knife Capital and Thinkroom, Grindstone Ventures will focus on Seed through Series A investments.

Strategic Focus

The firm plans a ZAR 150 million first close and anticipates building a portfolio of 15 to 20 companies, with a primary emphasis on South African businesses while selectively investing in other African markets. At least 50% of the fund’s investments are targeted toward black-owned enterprises.

This new vehicle builds upon Grindstone Ventures’ previous success, having already invested in seven companies including Locstat, Welo, and AgriLogiQ. The firm typically takes meaningful minority stakes and provides comprehensive support across strategy, governance, commercial growth, market access, and exit readiness.