Tiger Brands Sets R100m Aside to Assist Entrepreneurs in Food & Beverage Sector
- Tiger Brands has reportedly set a fund up to assist entrepreneurs in the food and beverage industry by offering capital
- Reports have revealed that the fund amounts to a massive R100 million and allows Tiger Brands to branch into new areas
- Tiger Brands plans to grow its company as it hopes to bring in new categories, thus growing the company further
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Tiger Brands has set a fund up amounting to R100 million targeted at offering capital to entrepreneurs who are either directly or indirectly linked to the food and beverages sector.
The fund is said to allow Tiger Brands to branch into new areas and expand their portfolio, which currently consists of Ace maize meal, Jungle Oats, Oros and other well-known household staples.
The fund allows Tiger Brands first preference in regards to opportunities as it hopes to introduce new product categories into the market along with other ventures in the pursuit of growing the company further.
Source: Getty Images
Applications for the fund are currently open, however, the official launch will take place next month with no set closing date for applications issued yet. Tiger Brands is in the midst of establishing a webpage for the fund while business founders can make enquiries at media.relations@tigerbrands.com.
Following reports by BusinessInsider, Tiger Brands will focus mainly on consumer brands and companies operating or dealing with intellectual property within the food and beverage sector, while their secondary focus will be on capability and technology opportunities across the value chain.
Just-Food reported on a statement made by Chief Executive of Tiger Brands Noel Doyle who said that although the fund will focus on South Africa, it will not be solely limited to Mzansi.
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Earlier, Briefly News reported that the Sukuma Fund, which was started last year to distribute money donated by Remgro and the Rupert family, will loan a whopping R100 million in total to restaurants that are struggling.
The fund was formed to assist with distributing the R1 billion that was donated by Remgro and the Rupert family. The fund's aim is to support small businesses. Recently, a partnership was announced with the Federated Hospitality Association of Southern Africa (FEDHASA).
The partnership aims to preserve jobs in the industry. The R100 million is a portion of the money left from the fund which will assist struggling restaurants.
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Source: Briefly News
