South Africa SME Fund Seeks $609 Million for Startups, Targeting 10 Billion Rand
Updated
Updated · Bloomberg · Jul 24
South Africa SME Fund Seeks $609 Million for Startups, Targeting 10 Billion Rand
3 articles · Updated · Bloomberg · Jul 24
Summary
South Africa’s SME Fund plans to raise as much as 10 billion rand ($609 million) in venture capital to help high-growth startups scale.
An initial 2 billion rand is targeted for 2027, with the fund aiming to use that commitment to attract the remaining capital from other institutions.
CEO Ketso Gordhan said the raise is meant to tackle growth barriers for startups while deepening South Africa’s technology sector and entrepreneurial ecosystem.
The SME Fund was set up by the CEO Initiative, a group led by executives from the 50 biggest companies listed in Johannesburg, underscoring broad corporate backing for the effort.