Gavin Reardon, Founder and Managing Partner at Kingson Capital. Photo: Supplied

DURBAN - Kingson Capital's Fund Two, a high-growth tech and black-owned SME fund, has been revised to $100 million (R1,453 billion). 

The fund was first launched in the first quarter of 2019 at R 400 million ($30 million).

The reason behind increasing this up to $100 million is due to the enthusiastic investment appetite and committed capital from international investors.

Recognising the importance of connecting South African startups to international markets and creating a viable venture capital ecosystem in South Africa, Kingson has been building investor networks into the US, and as a result, has garnered US investment support for its Fund Two. 

The anchor to Kingson's Fund Two, Stat Zero and its investors, have committed a multi million-dollar (USD) investment into South Africa to enable Africa to become a global hub for tech innovation.

Stat Zero is a digital investment platform aimed at aligning global entrepreneurship, government and venture capital to broaden opportunity and transform communities and global economies.

Kingson Capital which was launched in 2015 said that the benefits of revising the fund is that there significantly more capital available for venture investing in South Africa.

Kingson Capital has funded 10 businesses through Fund One. The fund has not yet deployed capital in the Fund Two but have several startups that they currently looking at.

"We are excited to contribute to the growth of VC in South Africa. We are of the view there exists tremendous opportunity for South African tech companies to provide solutions that are scalable into the rest of Africa and developed markets, and believe that the role of technology in positioning the country and future knock-on effects for youth employment, skills transfer and small business creation is significant," said Gavin Reardon, Founder and Managing Partner at Kingson.

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