SA-based E4E Africa reaches first close of $30m fund
E4E Africa, a South Africa-based VC fund, has reached the first close of its E4E Africa Fund II, aiming for a total size of $30 million. Launched in July 2020 with support from the SA SME Fund, E4E Africa made 11 investments from its initial fund, including startups such as insurtech Pineapple, home-services platform SweepSouth, and digital marketplace Qwili.
The fund focuses on investing in entrepreneurial teams developing highly scalable and impactful businesses across key sectors in Sub-Saharan African economies. The key sectors include fintech, education and job tech, e-health, and energy solutions. E4E Africa prioritizes providing founder-centric support and brings value through its network of experienced entrepreneurs.
Having achieved the first close, E4E Africa is actively seeking interest from additional investors, both local and international, to reach its target size, allowing the fund to further expand its reach and impact in the African entrepreneurial ecosystem.
Key Takeaways
An increasing number of small- to medium-sized funds with $10 million to $50 million of capital to deploy are targeting opportunities in Africa and other frontier markets. Tofino Capital, Uncovered Fund, LoftyInc Capital, Savannah Fund, and Ventures Platform are some of such Africa-focused firms that have launched in the past year. E4E Africa Fund II has already invested in three companies – Kenyan core banking platform provider Kwara, South African tech-enabled export shipping provider TUNL, and a fast-growing business disrupting the traditional embedded finance landscape in Kenya.
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