Chicken Bar the first start-up selected for female founder funding programme

Grindstone Ventures and the Mineworkers Investment Company (MIC) proudly announce that FASA member Chicken Bar, a boldly black female-owned grilled chicken brand, as the first start-up chosen for their bespoke female funding initiative launched in 2024. This programme is designed to accelerate the growth of high-potential, black female-founded businesses poised to disrupt their markets.

Selected after a rigorous, multi-stage evaluation under Grindstone Ventures’ proven growth engineering DD methodology, Chicken Bar, founded by Asanda Maqabuka and headquartered in Pretoria, is primed to scale aggressively via a franchise model, offering fresh, healthy and distinctly South African-inspired meals. The start-up stood out for its clear growth trajectory, founder resilience, and unique positioning in an intensely competitive fast-food landscape dominated by established giants.

“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.”

Nchaupe Khaole, Chief Investment Office at MIC added: “This partnership is a tangible commitment to closing the funding gap for black female entrepreneurs who have historically been overlooked. By investing in businesses like Chicken Bar, we’re no only empowering strong founders but also driving inclusive economic growth that benefits our communities and the broader South African economy.”

This initiative, a strategic partnership between Grindstone Ventures and MIC, targets four black, female-founded start-ups over five years, with MIC committing capital across the cohort. Grindstone Ventures, as fund manager, works closely with Grindstone Accelerator to drive the hands-on journey, tailoring venture-building support to each company’s needs and preparing the business for further funding. Chicken Bar’s selection marks the successful navigation of Grindstone and MIC’s multi-stage DD process.

Chicken Bar’s inclusion follows successful navigation through detailed due diligence, stakeholder engagement, and commercial viability assessments. With robust fundamentals and growth capital secured, Chicken Bar is now formally contracted into the programme.

“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.”

About Grindstone

Grindstone is a global accelerator founded in 2013, engineering high-growth entrepreneurship and co-owned by Knife Capital and Thinkroom. It focuses on assisting high-growth, innovation-driven companies to scale their businesses. As a growth engineer, Grindstone is designed for businesses eager to grow and expand. Grindstone’s reach has expanded exponentially, enabling many start-ups to scale to international markets. After developing numerous South African start-ups over the last decade and an increasing focus on social impace, ESG, SDG, gender, and purpose-driven initiatives, GrindstoneX is their dedicated accelerator for female entrepreneurs.

For more information visit GrindStone