NextGen Match Funding: programme terms

1. These terms

These terms apply to every application to NextGen Match Funding (the programme), run by NextGen Intelligence LLC, 733 3rd Avenue, Floor 16 #1078, New York, NY 10017, United States (NextGen, we, us). By submitting an application, the person submitting it confirms they are authorised to act for the applicant company, and the company accepts these terms.

2. What the programme is

NextGen matches up to the amount of capital the applicant has already raised, from R500,000 to R5,000,000, in cash, build work or a mix set out in the offer, on condition that the applicant's capital is spent with NextGen on building the applicant's product. Nothing on our website, in our communications or in these terms is an offer of funding. Funding is offered only in a written offer from NextGen and becomes binding only when both parties sign a final agreement.

3. Who may apply

The applicant must be a company that is registered and in good standing where it is incorporated. Individuals, sole proprietors and partnerships may not apply. The applicant's matching capital must be received, signed or covered by a term sheet when the full application is submitted. The applicant must not be in business rescue, liquidation or a similar process. We may ask for evidence of any of these at any stage.

4. Cohorts and timing

Applications are grouped into monthly cohorts, with closing dates published on the programme page. We aim to respond to eligibility checks within 10 working days and to make offers about nine weeks after a cohort closes. These are targets, not commitments. We may limit the number of companies in a cohort, extend or close a cohort early, or move an application to a later cohort, and we will tell the applicant if we do.

5. Assessment

We assess applications at our discretion. We are not obliged to invite an applicant to the full application, to make an offer, or to give reasons, although we will try to give brief reasons when we decline. With the applicant's consent, given in the application, we may verify information with the investors the applicant lists, check references and run background checks on the company and its founders.

6. Offers

Each offer is set for the individual company. NextGen's return may take the form of equity, a convertible instrument, or repayment from the applicant's revenue, as the offer states. An offer is valid for the period stated in it and remains subject to due diligence and to a signed final agreement. The applicant may decline an offer without any obligation to us.

7. Building with NextGen

If an offer is accepted, the applicant's capital is applied to build work under a statement of work that sets out the scope, the rates and the delivery milestones. The final agreement, not these terms, governs that work.

8. Confidentiality

We keep the information in an application confidential. We use it only to assess the application and to prepare and administer any offer. We share it only with our staff and advisers, and with the investors the applicant lists for verification, all of whom must keep it confidential. We will not use an applicant's confidential information to build a competing product. This does not restrict NextGen's own products as they exist on the date of the application. This clause does not cover information that is public, that we already held, that we develop independently, or that the law requires us to disclose.

9. Intellectual property

The applicant keeps all rights in the material it submits. Submitting an application gives us a licence to use that material only for assessing it. The applicant owns all code NextGen builds for it under the programme. The final agreement sets out how ownership passes to the applicant.

10. Accurate information

The applicant confirms that the information and documents in its application are true and complete. If they are not, we may disqualify the application or withdraw an offer.

11. Personal information

We process the personal information of founders and contacts in line with the Protection of Personal Information Act, 2013, only to assess applications and administer offers. Application data is stored with our service provider Airtable, whose servers may be outside South Africa; by applying, the applicant consents to that transfer. We keep records of declined applications for 12 months after the cohort closes. We keep records of funded companies for the life of the investment and any period the law requires after it. Our privacy policy at nxtgen-intel.com/legal/privacy explains how we handle personal information. Anyone whose information we hold may ask us to access, correct or delete it at hello@nxtgen-intel.com, and may complain to the Information Regulator.

12. Costs

There is no fee to apply. Each party pays its own costs of applying and of any negotiation, unless a signed agreement says otherwise.

13. Publicity

We will not name an applicant publicly without its written consent.

14. No advice

Nothing we say during the programme is legal, tax or financial advice. Applicants should take their own advice before accepting an offer.

15. Liability

As far as the law allows, we are not liable for any loss arising from an application, from not being selected, or from delays in the process. Nothing in these terms limits a right the applicant has under law that cannot be limited, including under the Consumer Protection Act, 2008.

16. Changes

We may change the programme or these terms. A change applies to applications submitted after it is published on the programme page.

17. Governing law

These terms are governed by the law of the Republic of South Africa, and the courts of South Africa have jurisdiction over any dispute about them.

18. Contact

hello@nxtgen-intel.com