Grindstone Ventures, MIC Back Chicken Bar in Female Founder Startup Fund

Grindstone Ventures and the Mineworkers Investment Company (MIC) have announced the first participant of their female founder funding programme: Chicken Bar, a black female-owned grilled chicken venture founded by Asanda Maqabuka. The initiative aims to accelerate the growth of high-potential, black female-founded businesses positioned to disrupt their respective markets.

The programme will support four startups over the next five years. As a strategic partner, MIC will deploy capital across the selected cohort. Grindstone Ventures, acting as the fund manager, will collaborate with its sister entity Grindstone Accelerator, to deliver tailored venture-building support and help each startup prepare for follow-on funding. 

Founded in 2019 in the Eastern Cape and now headquartered in Pretoria, Chicken Bar has positioned itself to aggressively scale through its franchise model. According to a joint statement from Grindstone Ventures and MIC, Chicken Bat was selected for its strong growth trajectory, founder resilience and unique positioning in a competitive fast-food market.

“As someone who started this journey from humble beginnings with the purpose of supporting my family, I am truly grateful for this investment and the opportunity it opens,” said Asanda Maqabuka, Founder and CEO of Chicken Bar. “This partnership means more than just funding; it’s a vote of confidence in my vision and the chance to create lasting impact in communities like mine.”

Grindstone Ventures is part of the Grindstone ecosystem - a global accelerator founded in 2013 and co-owned Knife Capital and Thinkroom. Grindstone focuses on scaling innovation-driven, high-growth companies. Its dedicated accelerator for female founders, GrindstoneX, was launched in 2022 to bridge access and representation gaps in the entrepreneurial ecosystem. 

“We met Asanda during our very first GrindstoneX programme back in 2022, and right from day one, her grit, resilience, and clear purpose for building Chicken Bar really stood out,” said Catherine Young, Managing Partner of Grindstone Ventures. “We’ve always known she’d grow Chicken Bar into something truly unique. Supporting founders who are building brands and legacies in spaces that need more representation isn’t just our mission; it’s something we take personally. This is more than funding, it’s about unlocking wealth and access.”