moyo to take on the world with VC funding

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 and the Market Theatre in Johannesburg, as well as venues in Stellenbosch and Durban. The brand has expanded to include a retail offering and a production and functions business. With now over 1000 passionate staff across the country, moyo is able to serve in excess of one million customers a year.

Julia Long, CEO of HBD which was founded by Mark Shuttleworth in 2000, 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.”

Invests in early stage businesses

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 2010 FIFA World Cup 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.”

Controlled, sustainable growth

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.”