Pathways

Launched in 2020 at the height of COVID-19, Pathways provides milestone-based capital through an Option for Future Equity (OFFE), combined with structured lifecycle venture-building support, strategic guidance and performance tracking. Pathways is designed to de-risk early-stage ventures across the critical ideation-to-traction journey—strengthening business models, accelerating market validation and preparing founders for sustainable growth and follow-on investment. Funding is disbursed in tranches across three structured early-stage development phases: Proof of Concept, Business Model Refinement, and Early Commercial Traction.

Unlike SFP, Pathways provides larger, milestone-based funding of up to R3.5 million as ventures achieve defined business milestones. While Pathways is open to Allan Gray Fellow founders who are both part-time and full-time in their ventures, founders are expected to transition to full-time operational involvement to access later-stage funding at the commercial traction phase. Participation is non-cohort based, with funding applications and phase progressions considered by the Investment Committee year-round.

Pathways is suited to ventures founded and led by Allan Gray Fellows who:

• Have launched or are actively building a venture with validated problem–solution fit
• Demonstrate founder commitment and capacity to progress toward commercial traction and full-time involvement
• Require staged venture-building support and risk-tolerant capital
• Intend to grow toward sustainability and scale
• Are not yet ready for institutional seed investment but have progressed beyond early experimentation

If you are an Allan Gray Fellow building a venture ready for structured growth support, requiring sizable funding and demonstrating full-time operational commitment, apply to Pathways.