Mineworkers Investment Company: 30 years of Impact Investing

As South Africa celebrates three decades of democracy (31 years to be exact), it also celebrates three decades of impact from one of the country’s most socially conscious investment firms, the Mineworkers Investment Company (MIC). Known for blending financial performance with social returns, the MIC has become a standout name in the private equity landscape, particularly for those seeking purpose-driven impact. 

What is the Mineworkers Investment Company?

Established in 1995, the MIC is a black-owned private equity investment firm headquartered in Johannesburg. It was formed by the Mineworkers Investment Trust (MIT), a vehicle created to generate sustainable wealth for the benefit of members and beneficiaries of the National Union of Mineworkers (NUM). 

MIC’s investment mandate focuses on acquiring long-term, cash generative assets that deliver consistent dividends. These dividends, in turn, fund the MIT’s socio-economic development programmes, which span education, training, poverty alleviation and micro-enterprise development. These initiatives also support the families of the mineworkers. 

Since its inception, the MIC has built a diversified portfolio of investments across various sectors including financial services, health, leisure, business services, industrials, technology and media. Portfolio companies include startups such as Pineapple, Quro Medical, and Rentoza. 

Khulisani Ventures: MIC’s Startup Investment Arm

MIC’s venture capital arm, Khulisani Ventures (Khulisani), is geared towards backing innovative, high-growth businesses that are not only commercially viable but also make a measurable impact on society. 

Khulisani typically invests between R15 million to R30 million in scalable businesses with proven revenue models.

Funding Criteria from MIC Khulisani Ventures

To qualify for Khulisani funding, startups must meet the following criteria:

• Be at least 51% black-owned and managed
• A disruptive and innovative product or service
• Scalable, high-growth potential business model
• Post-revenue with positive cash flow
• Compliance with industry-specific regulations
• Maximum investment requirement of R30 million
• Strong financial reporting
• Strong corporate governance and leadership structures
• Operate across any sector except fast food franchises, seed stage investments, primary agriculture and businesses that are historically dependent on grants.

The investment firm also has a strong focus on businesses that improve the lives of previously disadvantaged individuals with an emphasis on women and the youth. 

To learn more or apply for funding, prospective founders can register a profile on the MIC Khulisani Ventures platform.

MIC x Grindstone Accelerator: Empowering Women Founders

Further demonstrating its commitment to inclusive growth, MIC has partnered with ecosystem enabler Grindstone on the third edition of GrindstoneX, an accelerator programme designed for black, women-owned startups with high-growth potential. 

Through this initiative, the MIC provides capital using a structured equity investment model, acquiring minority equity stakes (between 25% and 49%), while leaving operational control to founders. Additionally, participants benefit from strategic support, including market access through its existing investment network, which includes firms like Tracker, PrimeMedia, and Metrofile.

The 12-month programme also offers robust venture-building support from Grindestone, ensuring that selected businesses receive the tools and mentorship needed to scale. Earlier this year, Chicken Bar was announced as the first participant of this year’s programme.

Impact that Goes Beyond Returns 

As the MIC celebrates 30 years of investing with purpose, it continues to prove that private capital can and should be a force for good. For founders searching for value-aligned capital, MIC offers a compelling model of sustainable investment with real-world returns.