“It’s an absolutely fascinating story.” That’s how NEXT176 Managing Director, Vuyo Mpako, described the journey behind NEXT176 on Innovate Africa, in conversation with Kieno Kammies. The episode unpacked the thinking, ambition, and hard-won lessons behind building a venture platform inside one of Africa’s oldest corporates.

Why we exist

Just under four years ago, Old Mutual turned 176. A company with nearly two centuries of legacy asked itself a critical question: Where will growth come from beyond the next five to ten years? The usual corporate horizon—three to five years—wasn’t enough. And so, NEXT176 was born.

“The name came from that reflection. What does the next 176 years look like?”

NEXT176 was set up to do more than just deploy capital. It's about building sustainable, tech-driven businesses that could one day sit at the core of Old Mutual, and drive impact far beyond it. The focus? Ventures in education, health, jobs, income protection, and helping people get out of debt.

“We're not backing any startup. We’re backing businesses that align with our thesis. And we believe Old Mutual has a right to win in those spaces.”

What we’re really trying to build

From day one, the goal has been big: impact one billion lives.

“People said it wasn’t achievable—South Africa doesn’t even have a billion people. But this was never just a South African play. This is a pan-African story.”

The first few years have been about setup: building a credible platform, demonstrating traction, showing we can deploy capital rigorously, and returning money to investors. Now, we’re entering what Mpako calls horizon two—the scale phase.

The balancing act

Corporate venturing is famously tricky. Big organisations have layers of process and policy. Startups thrive on speed. NEXT176 lives in both worlds, and that requires a special mindset.

“There are about 35–40,000 people at Old Mutual. Super smart people. But if you walk in thinking they don’t get it, you’ll get it very, very wrong.”

The key? Empathy. Understanding what’s sacrosanct in the corporate core and what’s sacred in the venture ecosystem.

“Each day, I sit in one world, and in the same hour, I’m in another. You have to be comfortable with that.”

That balancing act extends to how we make decisions. Gut feel plays a role, but rigour is non-negotiable.

“Gut doesn’t mean we skip diligence. Rigour doesn’t have to be slow.”

Wins, lessons, and what's next

One of our proudest stories is QuickWill—a digital wills business born during COVID. The insight was simple: most South Africans die without a valid will. Not just about assets—about your final wishes.

“We imagined a world where you could draft a will in 15 minutes without speaking to anyone.”

We incubated it, partnered with an early-stage player, acquired the business, and integrated it into Old Mutual’s platforms. You can now draft a legal will online, no lawyer needed.

“In just over three years, QuickWill has exited into the Old Mutual group and is set up for scale.”

But it hasn’t all been smooth. Vuyo shared the tough calls, too—like shutting down a business after extending its runway repeatedly without seeing the right metrics. The lesson?

“We got into the wrong structure. Not the tech or product, but the cap table, incentives, alignment. Everything around the business.”

Looking ahead

NEXT176 is entering its next chapter. With a solid foundation and strong co-investors, the team is eyeing expansion beyond South Africa and into larger-ticket investments.

“It’s time to double down. We’re exploring opportunities outside of SA more deliberately, and asking how big the next bet should be.”

This isn’t just a corporate side-project. It’s a platform built to last.

“There’s nothing more strategic than making money. This is about building ventures that are sustainable, scalable and that matter.”

The NEXT176 years are fully in motion.

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