By Daniel Mpala
The Public Investment Corporation (PIC) says it won’t reveal the amount that it has invested in black-owned startup Yalu — after the insurtech firm announced earlier this week that it has clinched funding from the state entity, which administers government employees’ pensions.
In an email to Ventureburn today (10 May) PIC head of corporate affairs Deon Botha said the deal was concluded after the Johannesburg-based startup approached the PIC but added that he could not reveal how much the state entity had invested in the startup “as it is governed by the non-disclosure agreements”.
“Yalu approached the PIC and the deal was concluded in April 2018 after it was subjected to a thorough investment […]
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Source:: Venture Burn