Endeavor South Africa closes R230m Harvest Fund III to support scaling technology businesses

Fund targets later-stage companies and combines co-investment with operational support across key African markets

Alison Collier, CEO of Endeavor South Africa. 

Endeavor South Africa, part of the global network that supports high-growth entrepreneurs, has closed its Harvest Fund III at R230 million. The fund follows an initial close of R190 million in October 2024 and has already deployed capital into companies such as GoTyme Bank, Onafriq, Entersekt and Plentify, which operate across financial services, payments, authentication and energy technology.

Harvest Fund III is structured as a co-investment vehicle that participates alongside lead investors, with a focus on Series B and later-stage companies. The approach is designed to support businesses that have already validated their models and are entering a phase of expansion. The fund is supported by a pipeline of around 40 companies across South Africa, Egypt, Nigeria and Kenya, within a broader network of 144 businesses connected to Endeavor.

The investor base includes financial institutions such as FirstRand and Standard Bank, as well as the SA SME Fund and Allan Gray, alongside founders and operators from the local technology and business ecosystem. The model brings together institutional capital and entrepreneurial experience, with the intention of supporting companies as they scale and reinvest outcomes into future ventures.

“Harvest Fund III reflects what Endeavor has always believed: the strongest venture ecosystems are built when successful founders reinvest their capital, experience and networks into the next generation. This combination of entrepreneurial insight and institutional capital creates a multiplier effect for both companies and the broader ecosystem,” said Tjaart van der Walt.

In addition to capital, the fund leverages Endeavor’s global network to provide access to mentorship, markets, talent and operational guidance. The aim is to support companies through the challenges associated with scaling across multiple markets and increasing operational complexity.

Data from the previous fund indicates the trajectory of this model. Companies backed by Harvest Fund II reported average annual revenue growth of 49% and employment growth of 24% between 2020 and 2025, while raising more than R27 billion in additional capital over the same period.

“South Africa has founders and talent building businesses that address large-scale market needs. What is often missing is access to global networks and coordinated support between experienced founders,” said Alison Collier, CEO of Endeavor South Africa. “Harvest Fund III is designed to address that gap and help more companies reach scale through a founder-led network.”

The fund is also structured to recycle returns into future investments, contributing to the continuity of the venture ecosystem. This includes supporting exits that can return capital and experience back into the market, reinforcing the cycle of company building.

“Harvest Fund III is important as it backs businesses that have already been rigorously selected and supported, while also helping to deepen South Africa’s scale-up economy. 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 SA SME Fund CEO Ketso Gordhan.

By focusing on companies that are already in growth stages and combining funding with operational support, the fund aims to expand the number of businesses capable of scaling across markets and sustaining long-term growth.

“Harvest Fund III is about championing and investing in South Africa’s global success stories, and ultimately into exits that recycle not only capital but experienced founding teams and confidence back into the ecosystem,” said Barry Swartzberg.