The University Technology Fund II (UTF II), managed by investment firm Stocks & Strauss, has achieved its final close at ZAR400 million with backing from four South African institutions.
Stellenbosch University, the University of Pretoria, Wits University, and the University of Cape Town are all limited partners in the fund, as is the government’s Technology Innovation Agency.
Insurance provider Sanlam, SA SME Fund, Allan & Gill Gray Philanthropies, and Fireball Capital have also backed the fund.
The UTF II follows the ZAR230 million UTF I, which has been fully deployed, and the ZAR86 million UTF Seed Fund.
Wayne Stocks, managing partner at Stocks & Strauss, says: “UTF II gives us the capital base to back more companies at the point where patient, specialist funding can make the greatest difference.
“South Africa’s tertiary institutions are producing globally relevant technologies and founders. Our role is to help turn that potential into scalable companies that can compete internationally.”
The UTF II will, like the other two funds, focus on companies emerging from South African universities and startups founded by alumni. It will also continue the strategy of seeking out opportunities with international market potential.
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