FNB Private Clients has announced a partnership with AngelHub, in support of South African entrepreneurship and innovation.
AngelHub is a business angel investment group that pools funding, expertise, and networks from a diverse range of angel investors, for investments into high-growth South African ventures, with the aim of accelerating growth and creating value by aggregating knowledge and resources.
Angel investing in South Africa has, for a long time, been shrouded in mystery and viewed as a private club for the very wealthy. There’s a perception that there is a lack of accessibility to local private investors and an inability of these wealthy investors to fund new businesses.
In other parts of the world, however, angel investing is viewed as a pivotal cog in the entrepreneurial value chain and as a sound financing alternative for startups.
In a developing economy, such as South Africa, the need to invest in entrepreneurial activities is critical to stimulating growth. Therefore, the requirement for alternative finance or investment mechanisms is crucial.
“FNB is built on a legacy of entrepreneurial vigour and we pride ourselves as being the bank of choice for entrepreneurs. FNB Private Clients recognises the importance of entrepreneurs in developing our country’s wealth and also understands that the majority of wealthy individuals in South Africa are business owners,” says Basani Maluleke, head of FNB Private Clients.
“We are always looking for avenues to provide support to, and opportunities for, innovation and entrepreneurship in South Africa. Our association with AngelHub gives us the opportunity to actively participate in sourcing opportunities for our high net worth clients and young businesses alike,” adds Maluleke
“Encouraging South African entrepreneurship and innovation should have the dual benefit of generating both economic value and job creation,” says Brett Commaille, from AngelHub. “Through our partnership with FNB Private Clients we hope to reach a larger audience of potential angel investors who will invest in high growth business ventures that suit their individual investment requirements.”
AngelHub provides the opportunity for Angel investors to meet pre-screened businesses who can demonstrate that their idea has earnings growth potential and that they are willing to take advice, and grow their idea into a sustainable business. In addition to periodic “deal pitching‟ sessions, AngelHub hosts a monthly networking platform by entrepreneurs, for entrepreneurs. These events are targeted at getting founders (and prospective founders) of interesting high-growth ventures together for meaningful conversations on shared experiences.
“FNB Private Clients aims to support AngelHub not only through a financial sponsorship but through providing appropriate education, wealth advice and banking support to both Angels and entrepreneurs. In doing our part in bringing likeminded individuals together, we hope to facilitate the sharing of vital entrepreneurial knowledge and skills to assist in the development of our second tier economy,” Maluleke adds.