E4E Africa Achieves Initial Closing of $30 Million for Fund II

The South Africa-based E4E Africa, an entrepreneur-driven venture capital fund, has announced the first close of its US$30 million E4E Africa Fund II.

Launched in July 2020 with backing from the SA SME Fund, E4E Africa made 11 investments from its first fund, in startups such as insurtech Pineapple, home-services platform SweepSouth, and digital marketplace Qwili.

The fund invests in best-in-class entrepreneurial teams building highly scalable and impactful businesses across key sectors of Sub-Saharan African economies, with a focus on fintech, education and job tech, e-health, and energy solutions. It prioritises founder-centric support, providing value through its network of experienced entrepreneurs.

E4E Africa’s second fund has a target size of US$30 million, and has now reached first close. The company said it is now “actively attracting interest” from additional investors, both local and international, enabling it to further expand its reach and impact.

Our strong relationships with founders and seasoned African entrepreneurs has led to a surge in outstanding investment opportunities,” said Bas Hochstenbach, managing partner at E4E Africa. “This first close enables us to back the exceptional founders we see before us.”

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.

“We are thrilled with the performance of our Fund II portfolio so far,” said Bakang Komanyane, principal at E4E Africa. “Our Fund II portfolio companies are thriving, and we are excited to announce a follow-on investment in the coming weeks.”


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