Covid-19 and African tech startups roundup [22/04/2020]

A host of sector-specific funding options have been launched in South Africa. Law firms, advertising agencies and restaurants can all get financial support from new instruments launched this week.

This, while the CEOs of French Tech Cape Town and Johannesburg communities have agreed to provide a combined 400 hours of dedicated mentorship to help entrepreneurs face the challenges of the Covid-19 pandemic.

Those with any news releases relating to Covid-19 and Africa’s tech startup sector can send these to editor@memeburn.com.

With the coronavirus (Covid-19) headlining news all over the world, Ventureburn has launched a regular daily roundup on the virus and how it is affecting Africa’s tech startup sector.

Law firms, advertising agencies and restaurants in SA will benefit from new specialised financial support offerings

Here then is the latest on the coronavirus and African tech startups:

Advertising fund launched: SA outdoor advertising solutions company Tractor has launched an advertising fund to offer support to South Africa’s small businesses most severely affected by the Covid-19 crisis, Bizcommunity reported in an article yesterday. The fund consists of R5-million in media value to assist businesses in promoting themselves during these difficult times.

Fintech offers restaurants finance: SA fintech lender Merchant Capital announced yesterday that it had launched a special short-term finance product to offer restaurants working capital to help ease the economic impact of the national lockdown regulations. Business Report said in an article yesterday that the product, Re-Boot, would allow successful applicants to for example buy stock, pay wages and boost deliveries, among other things.

R300m for law firms: SA specialist financier Taurus Capital has created an alternative funding solution for SA law firms, announcing earlier this week that it has built a R300-million capital pool which is exclusively available to the legal fraternity. Taurus Capital CEO Elad Smadja (pictured above) said the financier’s solutions would be tailored to each firm’s needs, with facilities ranging from R250 000 to R30-million available to firms ranging in size from boutique to large multi-partner firms.

French tech offers mentorship: The CEOs of French Tech Cape Town and Johannesburg communities have agreed to provide a combined 400 hours of dedicated mentorship, on issues such as cash-flow management, bridge fundraising, leveraging Covid-19 to digitalise your business and pivoting. The CEOs committed to the initiative includes Antoine Paillusseau (FinChatBot), Renier Kriel (FSATLABS), Sebastien Lacour (PayGenius), Thomas Pays (Ozow), Romain Diaz (Far Ventures) and Christophe Viarnaud (AfricArena/Methys). Interested SA founders can sign up to the Coffee Chat platform via frenchtech.coffeechat.co.

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Featured image: Taurus Capital CEO Elad Smadja (Supplied)

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