Businesswomen Wendy Luhabe has pioneered another revolutionary idea and a first for South Africa: a venture capital fund to support women-owned and managed businesses.
The fund will provide capital and strategic business input to women-owned businesses to accelerate their growth.
The objective is to contribute towards increased entrepreneurial development among women and employment creation.
The launch of the fund follows on from the pioneering work done by Luhabe in 1994 when she participated in the formation of Women Investment Portfolio Holdings (WIPHOLD)(WPH).
Over R100-million has been secured after 18 months of fund raising. The initial investors are the Industrial Development Corporation (IDC), Development Bank of Southern Africa and Eskom Pension Fund.
It’s hoped that the first closing will be completed before year-end.
The fund, which will be launched in February, will be managed by Glenhove Fund Managers. – I-Net Bridge