Endeavor South Africa Closes $12.5 Million Venture Fund to Back Startups

Endeavor South Africa has closed its third Harvest Fund at 230 million rand ($12.5 million), targeting later-stage technology companies as investor appetite grows for African scale-ups.

The fund, Harvest Fund III, will co-invest alongside lead investors in Series B and later-stage rounds, focusing on companies with proven traction and expansion potential, the organisation said on Tuesday.

The vehicle builds on its predecessor and reached a final close after raising 190 million rand in October 2024.

It has already deployed capital into companies including GoTyme Bank, Onafriq, Entersekt and Plentify.

Investors in the fund include FirstRand, SA SME Fund, Standard Bank and Allan Gray, alongside a group of founders and operators.

“Harvest Fund III reflects what Endeavor has always believed: the strongest venture ecosystems are built when successful founders reinvest,” said Tjaart van der Walt, a board member at Endeavor South Africa.

The fund draws from a pipeline of about 40 Endeavor-backed companies across South Africa, Nigeria, Egypt and Kenya, within a broader portfolio of 144 businesses.

Endeavor South Africa said its previous fund’s portfolio companies recorded annual revenue growth of 49% and employment growth of 24% between 2020 and 2025, while raising more than 27 billion rand over the period.

CEO Alison Collier said the fund aims to address gaps beyond capital, including access to global networks and founder-led mentorship.

“As the market matures, exits matter more than ever. They validate the asset class, recycle capital, and build long-term confidence in venture investing,” said Ketso Gordhan.

The fund is expected to support companies scaling across borders as global investors increasingly look to high-growth markets outside traditional venture hubs.