Napsers-backed instant messaging platform WeChat on Wednesday announced the launch of a R50-million seed fund specifically for startups working in the mobile space.
The fund will support startups identified as promising by WeChat South Africa. The company plans to identify these startups through an application and selection process and will also assist startups in launching dedicated WeChat offerings.
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The idea for the fund apparently came about after WeChat saw how successfully the likes of M4JAM (which it invested in earlier this year), PicUp, and Order In have used it as a launch platform for their own offerings.
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