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Details of fund

Board of Directors

Fund Mandate To invest and build a portfolio of disruptive digital technology high growth companies, that provide technology based solutions with innovative business models to existing and emerging institutions and their customers.
Average Investment Size R5 000 000 to R10 000 000
Current Size of Fund Currently Raising
Fund Manager & Promoter Grotech Management Company PTY LTD
Administrative Manager Venture Capital Management Services PTY LTD
Feb 2016 Targeted Capital Raise R50 000 000
Opening Date 11 December 2015
Closing Date 29 February 2016
Subscription price per share R1 000
Minimum Subscription per investor R200 000
Maximum Subscription per investor R10 000 000
Targeted Returns IRR > 30% per annum
Times Money: 5 times over a 6 year period



Malcolm Segal (Non Executive Chairman)
Malcolm Segal managed a private equity investment fund until it was acquired by Sasfin Holdings Limited in 2005. He currently sits on the boards of various companies in which he holds private equity investments. Segal is also an external member of the Special Credit Committee of the Industrial Development Corporation of South Africa Limited. He holds a BCom CA (SA) CPA (ISR).

Clive Butkow (Chief Investment Officer)
Clive is the former COO of Accenture South Africa, as well as the former lead of Accenture South Africa’s technology business. Butkow boasts 28 years of experience in management and technology consulting, and currently acts as chairman and non-executive director of numerous technology companies. He holds a BSC in Computer Science and Applied Mathematics.

Fatima Habib (Non Executive Director)
Fatima Habib is a seasoned executive with 20 years of experience within both the public and private sphere. Her experience spans various environments, from telecommunications, a Wall Street firm in New York and even the private banking environment. Habib currently acts as Chair of the ICT Advisory Committee and the Director-General of the DBE. She holds an BSocSci, BCom (Hon) Applied Psychology, MSocSci in industrial and Labour studies, MCom economics.

Craig McLeod (CEO)
Craig McLeod has founded and scaled a number of technology companies. He is currently the CEO and co-founder of Build, a PaaS website builder, and has forged strong partnerships with Google, 2Checkout, Microsoft, Facebook and many more. Under Craig’s leadership Build has acquired 58000 customers across the globe within nine months of starting the company. He also sits on the emeritus boards of a number of start-ups, as well as serving as mentor to a number of hubs, VC funds and incubators. He has also lectured the following subjects: BSc Comp Sci (NCC CAMBRIDGE), MCSE, MCSD, CCIE, Digital Marketing, Graphic Design.

Malcolm Segal | B.Com CA (SA) CPA (ISR) | Non Executive Chairman

After qualifying as a Chartered Accountant, Malcolm practised as a partner of Grant Thornton (Chartered Accountant and Business Advisors) and was elected Managing partner of the Johannesburg office in 1986 and National Executive Chairman in 1989. Malcolm established a private equity investment fund in 1997 which he managed until acquired by Sasfin Holdings Limited in 2005. In February 2012, Malcolm resigned from the boards of both Sasfin Holdings Limited and Sasfin Bank Limited to enable him to pursue his passion – entrepreneurship and entrepreneurial funding activities.Malcolm currently sits on the boards of various companies in which he holds a private equity investment and, inter alia, is also an External Member of the Special Credit Committee of the IDC (Industrial Development Corporation of South Africa Limited) and a member of the Listings Advisory Committee of AltX (Alternate Exchange of the Johannesburg Securities Exchange). Malcolm is the Chairman of VCMS.

Jeff Miller | B.Com B.Acc CA (SA) | Chief Executive Officer

Jeff is the CEO of VCMS. He is a qualified Chartered Accountant having completed his articles at Grant Thornton and has over 30 years of investing in unquoted companies across numerous industries. Jeff is a start-up specialist, having started numerous companies. He co-founded Brandcorp, which was listed on the JSE in 1997 and which was later sold to Ethos Private Equity Partners by way of MBO for approximately R1,4 billion.He is also the co-founder of KNR Flatrock, Balboa Finance, Born Free Properties, Eurosuit, Bride & Co, Redwood Capital and Seed Engine. Jeff is a member of the subcommittee of SAVCA, focused on Venture Capital.

Daniel Rubenstein | BCom (Hon), CA(SA) | Non-executive director

Daniel is a Chartered Accountant. He qualified in 2009 after completing his Articles at PKF. He has been involved in property from a young age and is well networked in the property industry. Daniel was one of the founders of Annuity Properties Limited, a property fund which was started in 2010 and listed on the JSE in 2012. Annuity Properties Limited was sold to Redefine Properties Limited in 2014. Daniel was instrumental in creating a property portfolio valued at R2 billion in a period of three years. Since Redefine’s acquisition of Annuity, Daniel has been involved in various property transactions within South Africa and Europe. During the past twelve months Daniel established Glenrock International which has acquired commercial property in Germany at a cost price of twenty five million Euros. He has a proven track record of sourcing attractive property investment opportunities, structuring transactions and raising acquisition finance, both locally and abroad.

Jarod Kolman | (Hon), Finance. HDip Co.Law. | Non-executive director

Jarod attended Wits university where he qualified with a B.Com (Hon) Finance and an HDip Co.Law. In 2008, Jarod co founded The Capital Group with Marc Wachsburger and successfully sold out his equity interest in 2011. Jarod is the founder of Limestone Property Group, which has successfully developed over 400 sectional title units and has to date sold in exess of 7000 buy-to-let properties. In 2014, Jarod co-founded The Luxury Lifestyle Group which focuses on the management and servicing of fully furnished self catering apartment hotels. Jarod has a track record of finding opportunities in the apartment hotel market and understands the needs of his guests and constantly designs new products to meet the every changing demands of the hotel guest.

Jeffrey Livingstone | B.Com CA (SA) HDip Tax Law | Non Executive Director

Jeffrey is a practising Chartered Accountant and Chairman of Light & Livingstone Inc., Registered Accountants and Auditors. He qualified in 1976 after completing his articles at PKF and completed the Higher Diploma in Tax Law in 1981. Jeff provides a wide range of professional services to a broad spectrum of industries and has acted as a director and consultant to several public and private companies. He was instrumental in the listing of Net1 Applied Technology Holdings Limited on the Venture Capital Market of the Johannesburg Stock Exchange in 1997 and together with Jeff Miller, played a significant role in the listing of Brandcorp Holdings Limited on the Johannesburg Stock Exchange in 1997.Jeff is currently a non-executive director of ADvTECH Limited, VCMS (Pty) Ltd and a director of numerous other companies, as well as a trustee of numerous trusts.

Clive Butkow | B.Sc Computer Science and Applied Mathematics | Non-Executive Director

Clive is the former Chief Operating Officer (COO) of Accenture South Africa and has 28 years management consulting experience. During his tenure at Accenture (formerly Arthur Anderson and Anderson Consulting), he played numerous leadership roles including Managing Director of Accenture South Africa’s Technology business as well as Managing Director of Accenture’s Resources and Utilities businesses. In addition to his COO role, during the last 6 years, he led sales for Accenture’s Technology business, cultivating an entrepreneurial mindset which helped grow Accenture into one of the top emerging markets globally.Clive has deep technology skills from working across multiple industries including Financial Services, Resources, Retail, Automotive and Communications. He has leveraged these technology and business transformation skills and helped drive significant shareholder value for many South African clients. Since January 2013, he has supported and mentored many technology businesses, assisting them in driving growth. Clive joined Arthur Anderson in 1985 (now Accenture) after graduating from the University of the Witwatersrand with a B.Sc degree in Computer Science and Applied Mathematics.

Fatima Habib | Mcom Economics, Bcom (Hon) Applied Physcology, B.Sc Social Sciences

Fatima Habib, has a strong academic pedigree, and holds a Master’s Degree in Economics, Industrial and Labour Studies, HR and OD from the University of Natal (Now UKZN,) an Honors Degree in Applied Psychology (Wits) and an undergraduate degree in Social Sciences (Natal), Non Executive Director. Fatima successfully began her career with Deloitte and Touche, progressing to very senior positions in both corporate SA and the SA government, as time progressed. A seasoned executive, with 20 years’ experience within both the public and private sector that spanned various environments from telecommunications, to a Wall Street firm in New York, and then private banking; following which a career move to contributing to the public sector. Fatima has over 20 years of experience within all areas of business - HR, Finance, IT, Operations, Strategy. She has held a number of Executive positions in her diverse career, including being the Executive Director: Corporate Services at the City of Cape Town , Executive: Corporate Services at the JDA, Regional HR executive at Telkom, GM of Absa Private Bank, Chief of Shared Services at SITA, Assistant GM at Smarte Carte, inter alia.

Craig McLeod |

Craig McLeod is currently the CEO and Co-Founder of Build, a SaaS Website builder, and has forged strong partnerships with Google, 2Checkout, Microsoft, Facebook and many more. Craig was recently mentioned in Fast Company as a Pioneer of the Nation and Top 5 Tech Entrepreneur in the country. He also sits on the emeritus boards of a number of startups, as well as serving as mentor to a number of hubs, VC funds and incubators. Previous highlights include having worked for Mark Shuttleworth, written an online bank, security consulting to governments, and UX design as one of the world’s top selling template authors. His last start-up co-founded with a Canadian partner prior to build was founded on $4000, and went on to a make 6000% return per annum. He can also be found out and about speaking on Startups, Agile, UX Design, Infosec, and has previously spoken at many events sponsored by the likes of Microsoft, Pearson, Amex, Adobe, Standard Bank and others. Craig is passionate about mentoring, start-up’s and building businesses.