SA Breakdown Management Startup RNR Raises $555k Funding Round
South African startup RNR, a breakdown management company with technology that mobilizes a network of nationwide suppliers to service entire fleets at the touch of a button, has raised ZAR10 million (US$555,000) in funding to support its growth and African expansion.
RNR, which stands for “Right Now Response”, was founded in 2019, and is an on-demand breakdown management and analytics platform. Using technology to match supply with demand, the company provides truck fleet managers and truck OEMs with breakdown support via its nationwide network of vetted mechanics, electricians, and repair centers.
By mobilizing its closest subcontractor, RNR not only vastly improves response times but also completes 70 percent of repairs on the roadside, which avoids expensive towing and freight delays. The app and web portal offer clients 24/7 breakdown visibility, including live location tracing and tracking from acceptance to roadside and workshop repair. Since its launch, RNR has supported more than 25,000 breakdowns for close to 1,200 transporters.
The startup has secured a ZAR10 million (US$555,000) investment, with ZAR9.2 million (US$511,000) of that provided by Cape Town-headquartered VC firm HAVAÍC. Over the coming five years, the company is set to expand its footprint across South Africa and grow into other parts of the continent.
“We cannot be more excited to partner with HAVAÍC,” said RNR CEO Wayne Witherspoon. “We are in hugely capable hands and look forward to bringing our technology to the rest of Africa. As fleet owners ourselves, we look forward to driving innovation in the sector by helping others curb unwelcome expenses and delays. What’s more, our model brings more business to our subcontractors nationwide, particularly those in rural areas.”
Kiara Suttner-Tromp, principal at HAVAÍC, said RNR perfectly aligned with its investment thesis to back early-stage companies that solve real-world problems through technology.
“HAVAÍC has a strong track record of helping industry aggregators like RNR develop and scale. We are very energized by our partnership with Wayne and his team and look forward to capitalizing on ample opportunities in the sector to unlock significant value for RNR,” she said.
Article Source: disrupt-africa.com