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Grovest Tech

  

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 Raising R100 000 000 (R60 million commited)
Fund Manager & Promoter Grotech Management Company PTY LTD
Administrative Manager Venture Capital Management Services PTY LTD
August 2016 Targeted Capital Raise R79 068 000 (R40 000 000 committed)
Opening Date 8 July 2016
Closing Date 31 August 2016
Subscription price per share R1 000
Minimum Subscription per investor R200 000
Maximum Subscription per investor R20 000 000
Targeted Returns IRR > 30% per annum
Times Money: 5 times over a 6 year period

 

 


Malcolm Segal (Non Executive Chairman)
  • B.Com CA (SA) CPA (ISR).
  • Former National Executive Chairman of Grant Thornton Chartered Accountants and Business Advisors
  • Established and managed MDM Private Equity Fund
  • Founding shareholder and director of Grovest Venture Capital Group
  • Served two terms as Chairman of SAVCA – The South African Venture Capital and Private Equity Association
  • External Member of the Special Credit Committee of The Industrial Development Corporation of South Africa Limited
  • Member of the Listings Advisory Committee of AltX


Clive Butkow (Chief Investment Officer)
  • BSC Computer Science and Applied Mathematics.
  • Former COO of Accenture South Africa.
  • Former lead of Accenture South Africa’s technology business.
  • 28 years’ experience in management and technology consulting.
  • Currently chairman and non-executive director of numerous technology companies


Arnold Basserabie (Non Executive Director)
  • Arnold obtained a B.Sc (Math & Math Stats) from Wits University, and is a qualified actuary and a certified financial planner.
  • Arnold was the CEO of Fedsure Financial Services Group from 1988 – 2001,  during which time its asset base grew by 25% p.a. compound to R40b and its share price by about 20% p.a. compound.
  • Since then he has been a Strategic Business Consultant, focussing on strategy and business development, mergers and acquisitions, and related activities, in a diverse range of industries


Nicholas Liebmann (Non Executive Director)
  • Nicholas obtained a Bachelor of Commerce at Bond University
  • CEO of Caleo Capital, a wealth and asset management company
  • Managing Director of Met Financial Wealth Management


Gil Oved (Non Executive Director)
  • B.Com Economics and Marketing (Cum Laude), CFA
  • Group co-CEO of The Creative Counsel (TCC) which he co-founded in 2001.
  • He was one of the Dragons in the launch series of Dragons Den South Africa and has co-authored a book, I’M IN with the other four dragons.
  • Johannesburg chapter chair for the global Young Presidents Organisation as well as the Africa regional forum officer.


Gil Sperling (Non Executive Director)
  • Holds B.Sc Electrical Engineering from Wits University
  • Founded Popimedia at age 23 - Ad Tech company the only Facebook Marketing Partner in Africa - one of 40 globally
  • Sold Popimedia at age 30 to Publicis Group Global
  • Invested, consults and mentors several technology companies



Romeo Kumalo (Non Executive Director)
  • Romeo studied at Harvard Business School, Withs, UNISA and INSEAD
  • Currently the CEO of Washirika, an investment holding company with focus in communication, construction, energy and ICT infrastructure
  • Previously the CEO of Vodacom/Vodafone International with responsible for all the African markets.
  • Romeo is an accomplished leader and commercial strategist, with over 20 years’ experience in the Information, Communication and Telecommunications industries, as well as a proven track record of building teams, creating value and turning around underperforming businesses.


Fatima Habib (Non Executive Director)
  • MSoc Sci (economics and industrial and labour studies), Honors in Applied Psychology and BSocSci
  • 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.
  • Chair of the ICT Advisory Committee to the Minister of Basic Education (DBE) and the Director General for Education.

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 MDM 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).

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 | Chief Executive Officer

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 MSoc Sci (economics and industrial and labor studies) from The University of Natal, Honors in Applied Psychology from The University of Witwatersrand and a BSoc Sci from The University of Natal. 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.

Gil Oved | • B.Com Economics and Marketing (Cum Laude), CFA | Non-Executive Director

A serial entrepreneur and astute businessman, Gil Oved is group co-CEO of The Creative Counsel (TCC) which he co-founded in 2001. What started as a tiny promotions company has grown into South Africa’s largest agency group with an annual turnover of R700 million. Employing just over 1 500 full time staff and thousands of temporary staff, TCC runs sales and marketing campaigns for the largest multi-nationals and large local marketing spenders. Over this time Gil has been involved in many successful start-up businesses and has invested in many others. TCC was recently bought by Publicis Groupe, a leading global marketing, communication, and business transformation company in the largest deal in advertising history in South Africa and the continent. Gil feels passionately about entrepreneurship and mentorship and invests much of his spare time in advising, guiding and inspiring entrepreneurs on the continent. He was one of the Dragons in the launch series of Dragons Den South Africa and has co-authored a book, I’M IN with the other four dragons on the show. The book seeks to inspire entrepreneurs through their collective lessons learnt in business with the other four dragons, all proceeds of which go to an entrepreneurial charity.

Arnold Basserabie | Non-Executive Director

Arnold was the Group Chief Executive of Fedsure Financial Services Group from 1988 – 2001, during which time its asset base grew by 25% pa compound to R40b and its share price by about 20% pa compound. Since then he has been a Strategic Business Consultant, focussing on strategy and business development, mergers and acquisitions, and related activities, in a diverse range of industries. Arnold obtained a B.Sc (Math & Math Stats) from Wits University, is a qualified actuary and a certified financial planner. His awards include Insurance Man of the Year, IMM Marketing Man of the Year, Jewish Business Achiever of the Year and Lifetime Achiever, and the World Presidents Organisation’s International Best of the Best Regional Chair.

Nicholas Liebmann | Non-Executive Director

Nic completed a commerce degree majoring in finance at Bond University where after he gained some international exposure working abroad in the United Kingdom. Nic Established a Wealth Management Firm which was absorbed by Sasfin Bank where he also gained work experience for more than 4 years.
Nic has been in Finance for over 15 years and is currently the co-founder and joint-CEO of Caleo Capital, an asset manager whose expertise range across Private Equity, Wealth Management, Financial Advisory Property and Venture Capital. Caleo also manages a private equity stake in the renowned Maboneng Precinct in central Johannesburg.

Romeo Kumalo | Non-Executive Director

Romeo is currently the CEO of Washirika Holdings, an investment holding company with focus in communication, construction, energy and ICT infrastructure. He was previously the CEO of Vodacom/Vodafone International, responsible for all the Africa markets. An accomplished leader and commercial strategist, with over 20 years’ experience in Information, Communication and Telecoms industries, a proven track record of building teams, creating value and turning around underperforming businesses. An excellent communicator with well-established networks in Africa. He has worked, lived, and travelled extensively across the continent. He was appointed to the Board of Vodacom South Africa as Executive Commercial Director in 2007 and was a member of the Vodacom Executive Committee until 2015. He served as non-executive director of Vodacom Tanzania, Lesotho, Mozambique, DR Congo and other Vodacom group of companies. Romeo serves on various private company boards and holds a Master Degree in Commerce and executive management certificates from WITS, INSEAD, and HARVARD Business School.

Mafika Mkwanazi | Non-Executive Chairman

Mafika Edmund Mkwanazi was the Non –Executive Chairman of Transnet SOC from December 2010 to December 2014 and also non-executive director of Eskom from July 2011 to December 2014. He completed a B.Sc. degree in Mathematics and Applied Mathematics at the University of Zululand in 1978. He also graduated with a Bachelor of Science Electrical Engineering from the University of Natal (Howard College) in 1984. He was at some stage CEO of Transnet and Chairman of Letseng diamonds, Western areas gold mine and non-executive director of Nedbank for 9 years.
He is currently Non-Executive Chairman of HULAMIN, and is Non- Executive Director of MSC South Africa as well as Stefanutti and Stocks.

Dr Bonakele Mehlomakulu | Non-Executive Director

Dr Boni Mehlomakulu is the CEO of the South African Bureau of Standards (SABS). Under her leadership, the almost 70 year-old institution has undergone a significant transformation, gearing itself towards service relevance within the 21st century. She holds a PhD in Chemical Engineering and her leadership philosophy centres around the empowerment of those entrusted in her care. Her professional career started at Sasol before joining the Department of Science and Technology (DST) in 2003. In September, 2009 Dr Mehlomakulu took over as the Chief Executive of the SABS, South Africa’s foremost body, promoting and maintaining standards and quality. Dr Mehlomakulu was an Eskom non-executive director for more than 5 years. She was Chairman of the Sustainability subcommittee of the board.

Rodney Love | Non-Executive Director

Rodney is an experienced and dynamic businessman with a strong background in building intuitive and innovative business concepts focused on growth and expansion. Rodney also founded ESA in 2012 having identified the energy reduction opportunity management which has resulted in self reliance of energy allowance in Photo Voltaic solar energy plants.
Rodney started Suburban Services (Pty) Ltd over 20 years ago. Suburban Services provider to blue-chip clientele of soft services that include major retailers, listed property funds, national commercial portfolios. Rodney has a profound interest in the growing renewable energy space and is constantly analyzing ways of commercializing energy-based opportunities.

Gil Sperling | Non-Executive Director

After graduating with a B.Sc Electrical Engineering from Wits University, Gil Sperling founded Popimedia at age 23. With his passion for tech, entrepreneurship and pure tenacity, Gil took Popimedia to being the only Facebook Marketing Partner in Africa, one of 40 companies around the world. As one of the leading Ad Tech companies, Popimedia serves fortune 500 brands globally using its proprietary platform meedee8. At age 30 Popimedia was sold to Publicis Group. Through his journey of entrepreneurship and scaling a company to exit, Gil invested, consults and mentors several technology companies, while also sitting on the board and investment committee of GroTech.