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Moyo Gets Sizeable VC Funding From HBD
Cape Town, November 22, 2007: HBD Venture Capital announced today that it had invested R25-million in the highly successful African food, art, music and retail business, moyo. With plans to open in new locations in South Africa and abroad, and to diversify into fresh business avenues, HBD and moyo will work together to significantly grow the moyo brand.
The first moyo restaurant was opened in Norwood, Johannesburg in 1998 by entrepreneur Jason Lurie. From Norwood, moyo relocated to Melrose Arch and restaurants are now also located in Zoo Lake, the Market Theatre in Johannesburg as well as venues in Stellenbosch and Durban. The brand has expanded to include a retail offering as well as a production and functions business. With now over 1000 passionate staff across the country, moyo is able to serve in excess of 1 million customers a year.
Julia Long, CEO of HBD - one of South Africa’s only true venture capital firms - said, "From delicate face painting by waiters to authentic African dishes sourced from across the continent, the moyo experience is entirely indigenous and magical and has been a great success with local and international tourists".
As a venture capital business that invests in early stage South African businesses with high growth potential, HBD has been very impressed with moyo. Long says, “Our investment decisions are driven to a large extent by the passion and vision of the entrepreneurs we speak to. We also need to believe that the companies we invest in have the potential to become world-class, sustainable businesses. With moyo we have no doubts".
"It is a brand that is truly alive and absolutely in tune with contemporary African culture. Owner Jason Lurie is completely committed to his business and the passion of his team is ever present and infectious. This has made moyo a strong tourist attraction, both for foreigners and South Africans, and it is in a perfect position to capitalise on World Cup 2010 opportunities. The concept will also transport easily to foreign locations where exotic dining experiences are popular".
Often associated with technology investments, Long is quick to emphasise that HBD casts its net much wider, "We know that talent and potential can be found in all South African industries. We look for an investment that meets all our criteria, has high growth potential and is run by entrepreneurs with the vision and talent to build sustainable businesses".
Long said that her team would be offering business support to moyo and would be working with the team to ensure controlled, sustainable growth.
Jason Lurie, founder and CEO of moyo, said that HBD’s investment had come at the right time, "From the outset, the moyo vision has been to grow a world class African brand that is successful because it is African. That’s why HBD is such a great fit: another great offering conceptualised in Africa. We have very exciting expansion into areas such as hospitality. For us, location has always been critical and we plan to maintain this strategy and ensure our model is replicated authentically in exceptional locations where the moyo magic can flourish".
Visit www.moyo.com for more information.
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