A 30% stake was bought by WDB Investment Holdings (with the possibility of an increment to 51%) while Grovest bought a 27.5% stake in the company.
Through the investment, both companies will join hands with Seed Engine to develop sustainable entrepreneurial businesses, thereby transforming South Africa’s economy.
Seed Engine will now up its training, support and funding mechanisms at every stage of the entrepreneurial lifecycle.
“Incubation is not producing the results SA needs and entrepreneurs are battling to build and scale their businesses and create jobs. We take a fresh look at our entrepreneurial system and make quick, sustainable changes that result in jobs, wealth and certainty,” said Donna Rachelson, CEO of Seed Engine.
She added, “Through the WDB and Grovest we will be able to tap into corporate and government relationships and networks that will help Seed Engine reach deeper into the communities and sectors that need the most urgent support.”
Seed Engine will continue its trend of supporting black women and youth-owned businesses – it has trained 600 entrepreneurs, created and supported 300 enterprises and an average of three jobs per enterprise.
Based in Johannesburg, Seed Engine delivers an entrepreneurial ecosystem in which big ideas can grow into big businesses. It does this through Seed Academy and Seed Incubator.