Last Friday saw the launch of a brand new business funding app created to help young South African entrepreneurs with the arduous task of finding funders for their business.
The myFunder app was created by financial planning and wealth firm, Regoapele Capital as part of a project of the ANC Progressive Youth in Business (PYB) forum.
According to PYB spokesperson, Buhle Dlamini, myFunder is a solution to the problems faced by many entrepreneurs wanting to access funding for the business, which include the time it takes to draw up business plans, approach funders and costs involved.
myFunder took about a year to conceptualise and develop and is now available as a web app, which one can access on a computer or mobile phone and to accommodate users with or without a smartphone.
The app already features a host of funders from the public and is also open to those in the private sector, as well as angel and equity funders. Essentially, any organisation or individual interested in funding a youth-owned business is welcome to sign up on myFunder.
“We want it to be clear that we want all funders to be able to participate, our door is open,” said Otukile Moshori, MD of Regoapele Capital.
The app is free to use for business owners, while funders pay a subscription fee to be featured – which is also how the app funds its own operational costs.
Apart from business funding, myFunder also enables you to profile your business, find suppliers and/or customers, post or look for job posts and get access to bespoke personal and business financial advisory services from industry experts.
myFunder is open to business across all sectors and in urban and rural regions across the country.
“myFunder will be partnering with the Department of Trade and Industry and other organisations to conduct roadshows around the country to market the app to young entrepreneurs to get them to sign up on the platform,” Moshori said.