FSAT Labs receives continued support
French South African Tech Labs announces continued support from SEDA, Methys and the French Embassy of South Africa after its most successful season to date.
FSAT Labs is proud to announce that we will continue to receive support from SEDA, Methys and the French Embassy of South Africa for 2020/21. This will allow our growing incubator to continue its coaching intensive incubation program which helps more than 15 entrepreneurs per annum transition from concept to first customer, to product market fit.
Over the past 12 months our startups have generated over R12 million in revenue and since the start of our incubator we’ve helped our startups raise more than R3 million in grant funding.
In August 2020, we completed our most successful season to date. Our season 6 startups (Kweza, Kudoti, Jamii Life, Onebook among 5 others) served 201 customers and made just over R 2 000 000 in revenue which is no small feat. With our focus being on one-on-one coaching sessions for a more personal approach, we totalled 137 coaching sessions among our 9 startups. In the most recent news, Gift Lubele from Kudoti, one of our season 6 startup founders, was crowned BRICS young innovator.
Our season 5 startups have also progressed well since being part of our incubation program with Wandile Khumalo from Syked announcing that they have raised an undisclosed seed investment round to scale operations across South Africa and expand its offering. Moreover, Zamokuhle Thwala from AgriCool shared that he has secured a key partnership with Boxer Superstore. This partnership will help secure market opportunity for his farmers, thus solving a key problem in the value chain.
With the unique blend of public and private support, our startups enjoy the benefit of a program that is well connected within the ecosystem. Methys not only provides financial support to the incubator but also provides in-kind contributions from its leading digital and consulting firms. Furthermore our startups get access to the network built up by Methys through the establishment of AfricArena, Africa’s premium startup and investor conference.
“Since 2017, with the support of the Small Business Development Agency and French Tech ecosystem, we built the French South African Tech Labs - a great and resilient platform to enable the talent of our youth to make their business dreams a reality. We are very excited to renew our partnership with SEDA into 2021 to participate in creating the entrepreneurs of tomorrow. We see the promise of a better future in South African early stage tech startups. ”
A key objective of the Small Enterprise Development Agency (Seda) is to develop entrepreneurs and startups to grow the economy and create jobs and the achievements of FSAT Labs in the area of establishing businesses and creating jobs supports this vision. During season 6 of incubation, the startups part of our program created more than 19 jobs in the 6 months of the program. All testimony to the rapid growth the startups go through while being part of the incubation program.
“Our partnership with Methys and the French Government in the FSAT Labs is an example of a remarkable public/private partnership for the benefit of early stage entrepreneurs. The FSAT Labs have had a great economic and social return track record in terms of job creation, turnover, as well as the focus on black or female tech entrepreneurs. We are very pleased to have extended our partnership through to 2021.”
Our 7th season of incubation kicked off in early October with 8 of SA’s most promising startups leaning into our program.
“We are excited to launch our 7th season of incubation at FSAT Labs and proud to have Methys, SEDA and the French Embassy onboard. Our program is designed to fast track entrepreneurs’ progress and through doing that not only get the startup ready to scale and become a valuable business, but also create jobs and contribute positively to the economy of South Africa.”
ABOUT SEDA
The Small Enterprise Development Agency (Seda) is an agency of the Department of Small Business Development. Seda’s mission is to promote entrepreneurship and develop small enterprises by providing customized non-financial business support services that results in business growth and sustainability in collaboration with other role players.
ABOUT METHYS
The Methys Group was founded in 2004 and consists of a group of highly innovative organisations serving clients across the globe in accelerating their innovation efforts. The team is obsessed with creating customer value and enabling success, passionate about innovation and entrepreneurship, and cares deeply about design and experience. Methys offers a range of services including Performance Consulting, Digital Solutions, Managed Services, and also delves in Venture Building Venture Funding.