“Rands or Naira?”: SA Stunned After Icebolethu CEO Shares She Built R1bn Funeral Empire Without Loan

• The CEO of Icebolethu spoke at a Johannesburg business conference on 25 June about building a billion-rand funeral business from scratch
• She revealed she started without taking out a loan, inspiring South Africans watching the clip to believe they could do the same
• The TikTok video by Mustard Seed went viral, sparking a wide debate about whether you truly need funding to start a business

CEO of Icebolethu, Dr. Nomfundo Mcoyi-Zondo, took to the stage at a business conference in Johannesburg on 25 June and told the room something that stopped people in their tracks. Her funeral company turns over R1 billion a year, and she built it without a single loan.

The moment was captured and shared on TikTok by Mustard Seed, a platform that connects African founders, leaders and investors. The clip spread rapidly, drawing thousands of viewers who were struck by the scale of what she had built and the way she had built it.

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Building a billion-rand funeral empire

Icebolethu Group is one of South Africa's most recognised names in the funeral industry. The company offers funeral services, catering, a mortuary, and burial products, all under one roof. For many South Africans, it represents exactly the kind of homegrown success story that feels both aspirational and attainable.

What resonated most in the video was not just the R1 billion figure. It was the fact that she started without external funding. In a country where access to capital remains one of the biggest barriers to entrepreneurship, her story hit differently.

Watch the conference moment that got South Africans talking:

Mzansi Reacts to the Icebolethu CEO's story

The clip sparked a lively conversation in the comments, with viewers sharing their own journeys and debating what it really takes to build a business.

@Kgalalelo wrote:

"I started building in 2016, till today - Now employ over 150 people. Never received funding… people are in a hurry, people want quick and fast success. It is possible to start very small and keep building with no Funding."

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@NokphiweOmphiwe shared:

"Mina I did start my decor company nge grant 400 namhlanje we have frame tent, VIP couch all event equipment phikanike."

@LoveCandy asked:

"Billion what? Rands or Naira?"

@PhunyukaBamphethe pushed back:

"Fact is you can't start business without capital regardless of where and how you get that capital 😏"

Source: Briefly News