https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2570321291319216
Home Startups South Africa’s on-demand home cleaning and services platform  SweepSouth raises US$11-million for expansion

South Africa’s on-demand home cleaning and services platform  SweepSouth raises US$11-million for expansion

by Milcah Lukhanyu
0 comment

SweepSouth, a South African on-demand home cleaning and services platform  has raised US$11-million in funding led by Alitheia IDF, a private equity fund aimed at expanding into new markets and grow its existing operation.

Alitheia IDF is a US$100-million “gender-lens fund” co-founded and managed by two women-led firms – Alitheia Capital based in Lagos and IDF Capital (Johannesburg). “The fund, which announced its final close in 2021 to become the largest gender-lens private equity fund in Africa, identifies, invests in and grows SMEs led by gender-diverse teams in six African countries: Nigeria, South Africa, Ghana, Lesotho, Zimbabwe and Zambia.

“We are particularly proud to have raised funding from Alitheia IDF, a female-led fund, and to have included more women investors on the cap table via a female-focused special purpose vehicle during this round. We are excited about what this means for us going forward and thrilled to have Polo Leteka from Alitheia IDF join the board,” said Pandor in the statement.

The funding comes nine months after the company acquired Egyptian home services platform FilKhedma. The new round,  which is SweepSouth’s largest to date,follows a strong growth in the company’s valuation.

The companys Current investors Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management all committed to participate in the new round, as well as new investors  like Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures and E4E Africa.

SweepSouth was founded in 2014 by Aisha Pandor and her husband, Alen Ribic, and has a presence in South Africa, Kenya, Nigeria and Egypt.

“We are particularly proud to have raised funding from Alitheia IDF, a female-led fund, and to have included more women investors on the cap table via a female-focused special purpose vehicle during this round. We are excited about what this means for us going forward and thrilled to have Polo Leteka from Alitheia IDF join the board,” said Pandor in the statement.

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-2570321291319216
%d bloggers like this: