Core Fund 01
Investment Advantage, Thesis and Ask.
Impact and returns start with a clear investment philosophy
Purpose
driven
We invest where commercial returns and societal benefit strengthen each other
People
led
We back proven leaders with the vision and resilience to outperform
Performance
focused
We back near-scale ventures where targeted intervention can drive accelerated time-to-exit
Market
shaping
We invest in ventures that open new markets or redefine existing ones.
Venture studio backed growth capital fund — investment thesis
Stage of
business
Early- scale ventures with R10m–R75m annual revenue. Proven product-market fit, growing customer base. At or just before the inflection point
for accelerated growth.
Cheque
size
Right-sized cheques are rare. Few funds can economically deploy small cheque sizes in our range. Cost of capital is prohibitive. These ventures often lack senior ‘growth’ expertise.
Structural
gap
Right-sized cheques are rare. Few funds can economically deploy small cheque sizes in our range. Cost of capital is prohibitive. These ventures often lack senior ‘growth’ expertise
Geography
Focused on South Africa as a launchpad into scalable African markets. Target ventures able to grow beyond local constraints. Pan- African & global export potential.
Process and mechanic
We believe that any idea or venture needs a co-founder who’s just as committed to it as its originator. That’s why we call ourselves Cofndr
Why It
wins
- Precision fit – Every deal aligns tightly with our thesis and sector edge, avoiding scattergun portfolios.
- Compound effects – Our ventures share talent, market access, and playbooks, creating a multiplier.
- Exit optionality – We design from day one for multiple exit pathways, increasing liquidity and IRR resilience.
A focused and considered venture studio backed fund
We believe that any idea or venture needs a co-founder who’s just as committed to it as its originator. That’s why we call ourselves Cofndr
Size of
the Fund
Target raise: R50m–R100m. Single fund, 10-year term, GP/LP model. Co-investment rights for adjacent partners.
Target
returns
Net IRR of ~20–25% and 3–4x MOIC over the fund life — designed to edge past JSE 10-year averages while de-risking entry.
Portfolio
strategy
— 6–8 ventures over the fund life, with R3–R8m initial cheques and concentrated follow-ons for the top quartile — fewer companies, deeper conviction
Deployment
model
Flexible capital across equity and convertible debt, staged to match each venture’s growth phase, with capacity to stay invested for the full lifecycle
Operator
integration
Studio team embedded in every venture’s early phase, from MVP to scale-up, accelerating execution and de-risking growth.
Exit
pathways
Plan for liquidity from day one — trade sales, secondary PE, or strategic buyouts to safeguard IRR.
5 Reasons why ventures often fail
Building something nobody wants
18
Hiring poorly or not at all
13
Failing to identify the right route to market
Not having a Cofndr
8
Allocating more time chasing investors than customers
We are Cofndr and we are…
Clear about our why
It’s in the name. We exist to solve one of the biggest reasons ventures fail: going it alone. We partner from day one, helping ideas turn into resilient businesses.
Our how
We don’t just spot problems worth solving; we validate
them with data, test interventions in-market, and refine solutions with the customers you want to grow with.
Clear about with whom
We believe the right partners make the difference. That’s why we work with founders, LPs, and corporates who share our vision for purpose, innovation, and inclusive growth — because alignment fuels scale.
Board & advisors
Jan Morongwa
Board Member
Former Telkom Consumer Business Director and Barclays Africa Retail CEO. Proven leader in scaling financial and telecom ventures. Multi-billion-rand growth strategies
Sunil Nagar
Board Member
Former CIO of Standard Bank and COO at Liberty and Absa. Led cost take-out, digital transformation, and pan-African operations across banking, insurance, and asset management.
Brent Spilkin
Board Member
Coached over 350 founders and executives. Guided ventures generating over R3bn in annual revenues. Authored an MBA-accredited textbook shaping SA’s freelance and digital economy
Oupa Monamadi
Board Member
Former CEO of Uthingo, the first SA National Lottery operator. Chair and director of multiple companies. Strategic oversight, governance excellence, and corporate networks.
Bongiwe Momoza
Board Member
Senior advisory roles at Sasfin and Mentova. Institutional investment strategy design. Chaired industry committees, advised retirement funds across Africa.
Bongani Khulu
Board Member
Financial services executive across banking, wealth, and insurance. IE MBA and Harvard, Wharton, UP alumnus. Led innovation and growth initiatives delivering market leadership.
Sonqoba Vuba
Board Member
Coached over 350 founders and executives. Guided ventures generating over R3bn in annual revenues. Authored an MBA-accredited textbook shaping SA’s freelance and digital economy
Hazel Sgulugulu
Board Member
Former Head of Product Design at 22seven and Design Lead at Nedbank, Sven is an award-winning product strategist. With two decades across fintech, banking, and consulting, he has driven digital adoption, scaled design teams, and delivered market-leading platforms recognised with MTN’s App of the Year
Studio team
Innocent Bila
Managing Partner
Innocent has both senior corporate executive and entrepreneurial experience, having scaled ventures to multi-million-dollar success in emerging markets as well as led channel, product as well as platform experience initiatives as Divisional executive at Standard Bank Insurance and Asset Management. He holds a MMSM (WBS) and MBA (GIBS).
Emmanuel Simon
Head of Studio
A Harvard MBA and award-winning strategist, Emmanuel has led experience and product design across Kinga, Nedbank, and Absa. Former startup founder and UN-presented innovator, he has delivered digital transformations that have enjoyed triple digital growth and impacted many
Christy Bennie
Venture Design
A seasoned industry leader & specialist proposition and experience design expert who has worked with some of the largest listed entities in banking and telecoms. She combines deep behavioural science expertise with an MSc in Psychology (UNISA) and advanced studies at GIBS.
Sven Uhlig
Product & Platform Design
Former Head of Product Design at 22seven and Design Lead at Nedbank, Sven is an award-winning product strategist. With two decades across fintech, banking, and consulting, he has driven digital adoption, scaled design teams, and delivered market-leading platforms recognised with MTN’s App of the Year
Our partners
Our network of strategic allies powering venture creation and market access.”
Here is your call to action
Get in touch
Innocent Bila | innocent@cofndr.fund | +27 72 603 1622 | Atrium on 5th, Sandton