Grindstone Accelerator has raised US$1.5 million (R24 million) from the SA SME Fund which will be used to expand its accelerator programme for start-up companies as well as the digital learning intake in South Africa. Grindstone has also concluded partnership agreements with Google, Webber Wentzel and Deloitte in South Africa. Grindstone is a subsidiary of Knife Capital that established as a structured entrepreneurial development programme that annually assists 20 high growth innovation-driven companies to scale quickly.
The SA SME Fund is an investment vehicle established by the South African CEO initiative to invest in small to medium enterprises. The fund was capitalised with R1.24 billion (US$78 million) and currently operates with venture capital partners such as Knife Capital, OneBio Savant Capital, 4Di and University Technology Fund.