Endeavor South Africa has announced the closing of Harvest Fund III at R230 million. This venture fund brings together both entrepreneurs and institutional investors focused on supporting and growing the next generation of high-growth technology businesses in South Africa – and building on their successes.
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 reached its final close in October 2024 following a first close of R190 million. The fund has already deployed capital in a number of high-growth companies including GoTyme Bank, Onafriq, Entersekt and Plentify, and is supported by a strong pipeline of approximately 40 Endeavor companies in South Africa, Egypt, Nigeria and Kenya who are currently raising capital for a portfolio of 144 businesses.
New and existing investors include FirstRand, SA SME Fund, Standard Bank and Allan Gray as well as a growing group of experienced South African founders and operators, including Barry Swartzberg (co-founder of Discovery) and Coenraad Jonker and Tjart van der Walt (co-founders of Tyme Group).
“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,” says Tjart van der Walt, Tyme Group and Endeavor South Africa board member and co-founder and director.
“This combination of entrepreneurial insight and institutional capital creates a powerful multiplier effect for both companies and the broader ecosystem.”
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.
Alison Collier, CEO of Endeavor South Africa, says, “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'.”
“Harvest Fund III is designed to bridge that gap and help more companies reach meaningful scale while leveraging Endeavor founder-led networks.”
The effect of this model is beginning to be seen. Endeavor South Africa's 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 increasing by 24% per annum between 2020 and 2025, with capital raised by more than R27 billion over the same period.
The fund is also structured to reinforce long-term ecosystem sustainability, with returns flowing back into future company-building and ecosystem investments.
SA SME Fund CEO Ketso Gordhan says: “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 build long-term confidence in venture investment.”
The participation of South Africa's leading financial institutions reflects the growing alignment between traditional finance and the enterprise ecosystem, especially as exits and liquidity begin to accelerate locally and globally.
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 championing and investing in South Africa’s global success stories, and ultimately about exits that bring not only capital but experienced founding teams and confidence back into the ecosystem,” says Barry Swartzberg, chairman of Endeavor South Africa and co-founder of Discovery, an investor in the Harvest Funds.
With global venture capital increasingly moving outside traditional centers towards high-growth markets, Endeavor South Africa believes that Harvest Fund III is well-positioned to support the next generation of founders across borders.