South Africa’s Grindstone Ventures Launches USD 31.3 M African VC Fund

Grindstone Ventures, a female-led South African VC firm, has launched a ZAR 500 M (USD 31.3 M) fund to invest in technology-enabled African businesses from Seed through Series A.

Led by Managing Partner Thandiwe Maqetuka, the fund is backed by Knife Capital and Thinkroom and targets the funding gap between early commercial validation and institutional-scale growth. Grindstone Ventures plans a ZAR 150 M (USD 9.4 M) first close and expects to build a portfolio of 15 to 20 companies, primarily in South Africa, with selective investments elsewhere in Africa.

The fund follows its first vehicle, which invested in seven companies including Locstat, Welo and AgriLogiQ. It will take meaningful minority stakes and provide follow-on capital and support across strategy, governance, commercial growth, market access and exit readiness. At least 50% of its portfolio is targeted to be black-owned.