Investment Firm Endeavor SA Acquires R190m to Propel Expansion and Development of African Tech Startups
In a significant stride towards fostering entrepreneurship across Africa, Endeavor South Africa has successfully raised R190 million in the initial round of its Harvest Fund III. This fund, dedicated to investing in African tech startups and companies, surpassed its initial target of R150 million.
The strategic effort of Endeavor continues to uplift the African tech industry, providing necessary support for innovative startups to succeed. With a total aim of R500 million, Harvest Fund III's investments are aimed at a rigorously vetted pipeline of 135 Endeavor companies.
Alison Collier, Managing Director of Endeavor South Africa, emphasized the importance of the comprehensive due diligence process. She stated, "By offering vital capital and resources, Endeavor South Africa remains committed to driving impactful growth in the African tech landscape."
Prominent investors in Harvest Fund III include Standard Bank, Allan Gray, and the SA SME Fund. The fund aims to achieve a 25% return, aiming to achieve three to four times the invested capital.
Endeavor's previous investments include unicorns like Go1 and TymeBank, as well as high-growth companies such as Clickatell, Sendmarc, and Onafriq. Notably, 85% of the capital in Harvest Fund III is specifically allocated to South African businesses.
The successful close of Harvest Fund III is a key milestone in Endeavor's mission to foster entrepreneurship across Africa. The list of the 135 companies in the Harvest Fund III investment pipeline and the prominent investors involved is not publicly disclosed.
Harvest Fund II, launched in 2021, has invested R190 million across 17 companies. The fund's investments have contributed to the growth and success of these innovative startups, further solidifying Endeavor's impact on the African tech industry.
As Endeavor South Africa continues its strategic efforts, it is clear that the future of African tech is bright, with the necessary support and resources in place for startups to thrive and make a significant impact on the continent.
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