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WeChat Plans To Invest $3.5M In African Tech Startups

WeChat Plans To Invest $3.5M In African Tech Startups

Social media app WeChat Africa plans to invest 50 million rand ($3.5 million) in tech startups across the continent that could improve the service it offers users.

WeChat says the funding initiative will support local entrepreneurs and technology innovators by enabling them catapult their ideas and businesses using Wechat’s platform.

“Our fund aims to provide financial support to businesses so that they can effectively get on the WeChat platform.  This will include technical integration and communications tactics across the Naspers’ stable and other suited channels,” Head of WeChat Africa, Brett Loubser said in a statement.

WeChat has partnered with tech strategy practice firm Batstone Ventures, which will find startups and investment opportunities in Africa that could benefit from using the WeChat platform and then provide consulting services to guide these startups through the growth phase.

WeChat has already partnered with some African startup companies including Money4Jam, PicUp and Order In, which have enjoyed success by operating exclusively on the WeChat platform.

WeChat’s growth strategy has increasingly focused on integrating with early stage businesses whose models strategically fit with, and clearly demonstrate, the power of the platform and its positioning in the market.

Applications for the fund will open 18th January 2016 and startups will be selected based on a mix of the online application as well as a series of workshops which will be held.