MMI Holdings, a South African based financial services group listed on the South African stock exchange, has announced it has invested in the Tshimologong Precinct, a new digital tech hub in Johannesburg, South Africa.
Details – value/terms – of the investment, which was made through its funding arm Exponential Ventures, are unknown at the moment.
The investment will see MMI Holdings provide mentorship and other forms of assistance to entrepreneurs at the hub as they conceptualise, develop and scale their young businesses.
“Our investment in the Tshimologong Precinct forms a meaningful part of our innovation and enterprise development programmes where MMI is committed to partnering with and sometimes investing in upcoming businesses especially in the digital space,” said Jonathan Stewart, Managing Partner for Africa Investments at Exponential Ventures.
Tshimologong, which means new beginnings in Sesotho, aims to grow skills, create jobs, encourage the establishment of new businesses and promote the regeneration of Johannesburg’s inner-city area.
Also, it aims to provide a collaborative space where entrepreneurs can come together and get the resources required to nurture their businesses to reach the next level.
The Tshimologong Precinct is the brainchild of Prof Barry Dwolatzky, Head at JCSE at Wits University, and is located in the heart of Braamfontein, in close proximity to the University. The hub will officially launch on September 1, 2016.
“We look forward to being a part of the space and working with the businesses that will emerge from here,” Stewart added.