Entrepreneurship support organization Endeavor South Africa has announced the closing of Harvest Fund III for R230 million.
Harvest Fund III reached its final close in October 2024 following a first close of R190 million. The fund has already deployed capital in several high-growth companies including financial services company GoTyme Bank, digital payments company Onafric, financial authentication company Entersekt and energy technology company Plentify.
It is supported by a strong pipeline of approximately 40 companies in South Africa, Egypt, Nigeria and Kenya who are currently raising capital for a portfolio of 144 businesses.
The venture fund brings together both entrepreneurs and institutional investors who are focused on supporting and scaling the next generation of high-growth technology businesses in South Africa and building on their successes.
New and existing investors include financial services companies FirstRand and Standard Bank, investment vehicle SA SME Fund and investment management company Allan Grey, as well as a growing group of experienced South African founders and operators, as well as co-founders of financial services and healthcare and private healthcare group Discovery and Harvest Fund investors. Barry Swartzbergand co-founder of financial services company Tyme Group Coenraad Jonker And tjart van der walt.
Harvest Fund III is a rules-based co-investment fund that invests with qualified lead investors, allocating large amounts of capital to Series B and later stage companies. The fund builds on the momentum of Harvest Fund II and reflects the 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 in the next generation. This combination of entrepreneurial insight and institutional capital creates a powerful multiplier effect for both companies and the broader ecosystem,” says Van der Walt.
Harvest Fund III is designed to go beyond capital, leveraging Endeavor's global network to support companies with advice, market access, talent and strategic guidance.
The impact of this model is already visible as Harvest Fund II’s portfolio of 17 companies has delivered strong growth in both revenues and employment, with revenues increasing by 49% per annum and employment by 24% per annum between 2020 and 2025, with over R27 billion in capital raised over the same period.
“South Africa is full of world-class founders, talent and innovation, who are building businesses to solve challenges that exist in the market at scale. What is often missing is the global network and coordinated support ‘from one experienced founder to the next’ to back and scale entrepreneurs,” says the CEO of Endeavor South Africa. Alison Collier.
She adds, “Harvest Fund III is designed to bridge that gap and help more companies reach meaningful scale while leveraging Endeavor founder-led networks.”
The fund is also structured to reinforce long-term ecosystem sustainability, with returns plowed back into future company-building and ecosystem investments, and the participation of South Africa's leading financial institutions reflects the growing alignment between traditional finance and the venture ecosystem, particularly as exits and liquidity begin to accelerate locally and globally.
“Harvest Fund III is important because it supports 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 instill long-term confidence in venture investment,” says the CEO of the SA SME Fund Ketso Gordhan.
The main focus of Harvest Fund III is to enable more companies to achieve scale and successful exits, strengthen South Africa's venture capital cycle and enable local businesses to compete on a global scale.
“Harvest Fund III is about promoting and investing in South Africa’s global success stories, and ultimately investing in exits that bring not only capital but experienced founder teams and confidence back into the ecosystem,” says Swartzberg.