E4E Africa Announces First Close of $30 Million Fund II to Boost African Startups

E4E Africa Announces First Close of $30 Million Fund II to Boost African Startups

By Staff Writer, 16 December 2023

South Africa-based E4E Africa, a venture capital fund driven by entrepreneurs, has successfully reached the first close of its E4E Africa Fund II, securing an initial sum of $30 million.

The fund, launched in July 2020 with support from the SA SME Fund, has a track record of 11 successful investments from its first fund.

Notable startups benefiting from its initial investments include insurtech Pineapple, home-services platform SweepSouth, and digital marketplace Qwili.

Focusing on highly scalable and impactful businesses in key sectors across Sub-Saharan African economies, E4E Africa's Fund II targets areas such as fintech, education and job tech, e-health, and energy solutions.

The fund emphasizes founder-centric support, leveraging its network of experienced entrepreneurs to provide value.

With an initial close at $30 million, E4E Africa is actively seeking additional investment interest from both local and international sources.

This move aims to broaden the fund's scope and enhance its overall impact.

Bas Hochstenbach, Managing Partner at E4E Africa, noted, "Our strong relationships with founders and seasoned African entrepreneurs have led to a surge in outstanding investment opportunities. This first close enables us to back the exceptional founders we see before us."

Already making strides, E4E Africa Fund II has invested in three promising companies.

These include Kenyan core banking platform provider Kwara, South African tech-enabled export shipping provider TUNL, and a disruptive business in Kenya reshaping the traditional embedded finance landscape.

Bakang Komanyane, Principal at E4E Africa, expressed excitement about the Fund II portfolio's performance, stating, "Our Fund II portfolio companies are thriving, and we are excited to announce a follow-on investment in the coming weeks."

Tom Jackson / Disrupt Africa

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