Entreprenuerial support organisation Endeavor South Africa has announced the close of Harvest Fund III at R230-million. 

Harvest Fund III reached its final close following a first close of R190-million in October 2024. The fund has already deployed capital into a number of high-growth companies, including financial services company GoTyme Bank, digital payments company Onafriq, financial authentication company Entersekt and energy technology company Plentify.

It is supported by a strong pipeline of about 40 companies in South Africa, Egypt, Nigeria and Kenya that are currently raising capital for a portfolio of 144 businesses.

The venture fund brings together both entrepreneurs and institutional investors focused on backing and scaling the next generation of high-growth technology businesses across South Africa and paying their successes forward.

New and existing investors include financial services companies FirstRand and Standard Bank, investment vehicle the SA SME Fund and investment management company Allan Gray, alongside a growing group of experienced South African founders and operators, including financial services and healthcare and private healthcare group Discovery co-founder and Harvest Funds investor Barry Swartzberg, and financial services company Tyme Group co-founders Coenraad Jonker and Tjaart van der Walt.

Harvest Fund III is a rules-based co-investment fund that invests alongside qualified lead investors, with the bulk of capital allocated to Series B and later-stage companies. The fund builds on the momentum of Harvest Fund II and reflects growing confidence in the sector.

“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 powerful multiplier effect for both companies and the broader ecosystem,” Van der Walt says.

Harvest Fund III is designed to go beyond capital, leveraging Endeavor’s global network to support companies with mentorship, market access, talent and strategic guidance as they scale.

The impact of this model is already visible as Harvest Fund II’s portfolio of 17 companies have delivered strong growth in both revenue and employment, with revenue having grown at 49% a year and employment by 24% a year between 2020 and 2025, alongside raising more than R27-billion in capital over the same period. 

“South Africa has world-class founders, talent and innovation, who are building businesses to solve challenges that exist in the mass market. What is often missing are global networks and coordinated support ‘from one experienced founder to another’ to back and scale entrepreneurs,” says Endeavor South Africa CEO Alison Collier.

“Harvest Fund III is designed to close that gap and help more companies reach meaningful scale, leveraging the Endeavor founder-led network,” she adds.

The fund is also structured to reinforce long-term ecosystem sustainability, with returns feeding back into future company-building and ecosystem investment, and the participation of South Africa’s major financial institutions reflects increasing alignment between traditional finance and the venture ecosystem, particularly as exits and liquidity begin to accelerate both locally and globally.

“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,” says SA SME Fund CEO Ketso Gordhan.

A key focus of Harvest Fund III is enabling more companies to achieve scale and successful exits, strengthening South Africa’s venture capital cycle and positioning local businesses to compete globally.

“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,” says Swartzberg.