Grovest Venture Capital Company (Pty) Ltd
The Grovest Group, which included Venture Capital Management Services (“VCMS”) was founded in 2013 by Jeff Miller, Malcolm Segal and Jeff Livingstone who identified two challenges in the market – the need for funding for entrepreneurs and the lack of incentives for investors to support these entrepreneurs.
Identifying Section 12J legislation “hidden” in the Income Tax Act , the founders lobbied and made presentations to Treasury, CIPC, SARS, FSCA and the Davis Commission, amongst others to make the necessary amendments to transform Section 12J to what has now become a powerful funding mechanism and alternative asset class that would encourage investors to participate in the venture capital and private equity eco system. In February 2014, Grovest pioneered the first operational Section 12J VCC in South Africa.
In 2018 VCMS changed its name to Grovest Corporate Advisory, and is today the largest, outsourced Section 12J fund administrator in South Africa and continues to play a dominant role in lobbing all stakeholders for meaningful positive changes to this growing asset class.