S African billionaire scouting for investment opportunity

Venture capital firm Here Be Dragons (HBD) is looking to make an investment of between R10 million and R25 million in start-ups with innovative ideas and the potential to expand internationally.

The new investments will be the final ones for Fund2, which was created with R150m of billionaire  Mark Shuttleworth's personal cash.

In return for its investment, HBD takes a stake of at least 25-per cent and gives the company mentoring and marketing guidance.

''Although tough economic times can make or break young companies, such times present interesting opportunities to invest in companies with sound and tested business ideas," said CEO Julia Fourie.

"If we can partner quality companies through tough times, there should be substantial rewards to be reaped in later years. As HBD likes to invest for three to five years before ideally exiting with a profit, we not only focus on this year's problems, but also next year's opportunities.'' Fourie said.

Since it launched in 2000, HBD has invested in various companies, such as mobile financial service provider Fundamo, search marketing company Clicks2Customers, 3D radar tracking systems developer EDH, and even in a restaurant chain Moyo..