Endeavor South Africa has secured $11 million in the first close of its ZAR500 million ($28.8 million) Harvest Fund III, a critical step in its mission to drive growth across Africa’s tech ecosystem.
The investment round was led by key stakeholders such as Standard Bank, Allan Gray, and the SA SME Fund, reflecting heightened investor confidence in Endeavor’s ability to back high-potential tech startups on the continent.
Launched in 2004, Endeavor South Africa has focused on fostering entrepreneurship through access to mentorship, capital, and global networks. With this latest milestone, the organization plans to continue investing in 20 to 25 market-leading, founder-led companies in Southern Africa and five in other regions of Africa. The selected businesses have undergone a stringent, multi-stage selection process, highlighting their potential to scale rapidly both locally and globally.
Furthermore, Alison Collier, managing director of Endeavor South Africa, highlighted the rigor behind this pipeline of 135 vetted companies, emphasizing their potential to make a significant impact. “We have a deep understanding of the 135 businesses in our pipeline and are confident in their growth potential,” she stated. Our process involves ongoing engagement with companies to ensure capital is strategically allocated for maximum growth.
Read also: South African fintech company Scale raises $700,000 pre seed.
Hence, the newly secured funds will enable Endeavor to invest in companies poised to disrupt various sectors, enhancing scalability and ensuring robust returns. This comes after the highly successful Harvest Fund II, which invested in notable companies such as Go1, TymeBank, and Clickatell.
As Africa’s tech ecosystem continues to expand, investors are keen to support initiatives that drive innovation and economic growth. Hetal Patel, Chief Investment Officer at 54 Collective, praised Endeavor’s strategic vision, saying, “Endeavor is set to redefine Africa’s tech landscape by backing companies that deliver innovative solutions to pressing problems across the continent.”
With Harvest Fund III, Endeavor South Africa aims to continue catalyzing tech-driven growth significantly, reinforcing its role as a key player in Africa’s entrepreneurial and investment space.
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