04 Jun Lucid Ventures: Building Meaningful Ventures from the Ground Up

Posted at 10:16h in Innovation City Members by

At Innovation City, we celebrate the entrepreneurs and companies driving innovation and reshaping industries. In this week’s spotlight, we’re excited to feature Lucid Ventures, a dynamic venture capital platform that’s redefining how business is done in South Africa. Founded to unlock opportunities in overlooked sectors, Lucid Ventures is making waves with its creative approach to investment.

Meet Gidon Novick, the Founder of Lucid Ventures

Gidon Novick is the guy who keeps reinventing travel—and somehow makes it look easy. From launching South Africa’s first low-cost airline (Kulula) to shaking things up again with LIFT, Gidon blends business smarts with bold ideas.

He’s not just about planes—he’s also got his feet on the ground with ventures in hospitality, food, and purpose-driven investing. A true believer in doing good and doing well. Here’s our Q&A with Lucid Ventures.

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1. Who are Lucid Ventures and why are you sorely needed in this world?

Lucid Ventures is a purpose-built venture capital platform founded in SA to unlock opportunities in sectors often overlooked by traditional investors; think boutique hospitality, lifestyle retirement living, and curated consumer experiences. We’re here to bring innovative solutions to markets that are often underfunded but full of untapped potential.

2. Can you give us a practical example of how your product/service works?

Absolutely! One of our flagship initiatives is Home Suite Hotels , a boutique hotel brand we developed from scratch. We raised capital through our Hotel Fund (previously under Section 12J), acquired and upgraded key sites in Cape Town and Joburg, and now we manage these hotels to deliver both steady income and capital appreciation. It’s a great example of how we turn visionary ideas into profitable realities.

3. What are some of the challenges you’ve faced as a startup?

Startups are built on friction, and we’ve faced our share:

  • Regulatory changes – The sunset of the Section 12J tax incentive was a challenge.
  • Investor education – Helping people understand venture-style investing in South Africa took time and trust.
  • Macro risks – Load shedding, political shifts, and economic shocks required us to stay nimble.
  • Talent – Finding the right mix of heart and hustle, especially for a niche like ours, has been tough.
  • COVID-19 – The pandemic hit hospitality hard, forcing us to adapt quickly by suspending operations and protecting investor capital. But this adversity only made us stronger.

4. Do you have any latest and exciting company news to share?

We’re thrilled to announce our Circle Senior Living project, our latest venture into lifestyle-led retirement living. This redefines how South Africans age, offering gorgeous design, wellness-focused services, and a strong sense of community. We believe this is an area that’s been crying out for innovation, and we’re excited to be at the forefront of it.

5. What’s on your business growth wish list?

  • Expanding our hotel footprint in key coastal and winelands destinations.
  • Partnering with forward-thinking co-investors who share our long-term vision.
  • Growing our retirement living brand into a national force.
  • Above all, staying true to our core: backing great people building meaningful businesses.

6. What is your take on doing business in South Africa?

Doing business in South Africa requires resilience, but it rewards innovation. It’s a market that keeps you on your toes. Yes, there are challenges like power cuts and regulatory hurdles, but there’s also incredible opportunity. With a young, connected population and a deep entrepreneurial spirit, South Africa is a goldmine of untapped potential.

7. Where can people contact you?

We’d love to connect! Here’s how you can reach us:

Stay tuned for more inspiring stories in our Tech Tuesdays series, and don’t forget to follow Lucid Ventures for updates on their innovative ventures!