Venture capital company Lucid Ventures, which was launched earlier this year by kulula.com founder Gidon Novick, announced that it has acquired a 20% stake in Jamie’s Italian restaurant chain in South Africa as its maiden investment.
Lucid has an initial capital base of R80m and is an investor group comprising experienced and successful South African entrepreneurs. The initial focus of the fund is on businesses in the fast growing casual dining sector. It is approved by the Financial Services Board and benefits from a tax incentive to encourage investment in new ventures and
Jamie’s Italian operates 40 restaurants worldwide. There are plans to open a further four restaurants in South Africa over the next few years.
"Day and night we are watching over your welfare. It is for your sake that we drink that milk and eat those apples. Do you know what would happen if we pigs failed in our duty? Jones would come back! Yes, Jones would come back! Surely comrades." ~ George Orwell