tech-driven innovation: sa start-ups draw investor attention

  • 21 Jul 2023
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tech driven innovation sa start ups draw investor attention
In a world driven by technological advancements, investors are eyeing technology-enabled businesses in South Africa as promising opportunities for growth and innovation. According to Nchaupe Khaole, chief investment officer of the Mineworkers Investment Company (MIC), these ventures are creating exciting prospects for investors and have the potential to revolutionise entire industries.
In South Africa, technology companies and start-ups alone raised $168.6 million in funding in 2021, stated Khaole, highlighting the significant funding that has already been flowing into the tech sector.
While last year was more difficult for local companies it was a big year for start-ups across the continent, with more than 600 African start-ups raising a combined $3.3 billion throughout 2022, a year-on-year jump of 55.1%, Khaole explained, pointing out the remarkable surge in funding experienced by African start-ups.
Khaole attributed the attractiveness of these businesses to their use of innovative technologies such as artificial intelligence, blockchain, and the Internet of Things to create ground-breaking products and services.
In South Africa, many of these companies have the added advantage of addressing the socio-economic challenges faced by many, Khaole emphasised. Investing in them not only provides potentially lucrative opportunities but also supports the advancement of technology and the broader economy.
Regarding education technology, Khaole noted, Access to affordable and technology-driven education is growing exponentially in South Africa and across the continent [with