10 Top Investors in Startups in South Africa

South Africa’s startup ecosystem is thriving, with major hubs in Cape Town, Johannesburg, and Durban. In 2022 alone, startups raised $500 million across 100+ deals. Key sectors like fintech, healthtech, agritech, and edtech are booming, attracting both local and global investors.

Here’s a quick look at 10 key investors shaping South Africa’s startup landscape:

Kalon Venture Partners: Focuses on scalable tech ventures like cybersecurity firm Sendmarc and SmartSMS platform Mobiz.
4Di Capital: Invests in early-stage startups, with a portfolio including VALR, LifeQ, and Aerobotics.
Naspers Foundry: Supported startups like SweepSouth and Aerobotics before winding down in 2023.
Knife Capital: Known for innovation-driven investments in companies like DataProphet and Snapplify.
HAVAÍC: Targets post-revenue startups, with investments in AURA, hearX, and RapidDeploy.
Goodwell Investments: Focuses on social impact, backing companies like Inclusivity Solutions.
Newtown Partners: Early-stage investor in tech startups like Waspito and Chefaa.
E4E Africa: Supports diverse founders, with investments in Hohm Energy and TUNL.
Grindstone Accelerator: Helps startups scale, with notable exits like OneCart and TaxTim.
Future Africa: Invests in tech-driven solutions, with a portfolio including Andela and Flutterwave.

These investors offer more than just funding – they provide mentorship, strategic advice, and access to global networks, driving South Africa’s startups toward growth and global recognition.

Quick Comparison Table

Investor	Focus Areas	Notable Investments	Additional Support
Kalon Venture Partners	Tech startups	Sendmarc, Mobiz	Strategic advice
4Di Capital	Early-stage tech	VALR, LifeQ, Aerobotics	Mentorship, networking
Naspers Foundry	Scalable tech (now inactive)	SweepSouth, Aerobotics	Follow-on funding
Knife Capital	Innovation-driven startups	DataProphet, Snapplify	Exit-focused strategy
HAVAÍC	Post-revenue tech startups	AURA, hearX, RapidDeploy	Market insights, global access
Goodwell Investments	Social impact startups	Inclusivity Solutions	Multi-round investments
Newtown Partners	Early-stage tech	Waspito, Chefaa	Market entry support
E4E Africa	Diverse founders, tech	Hohm Energy, TUNL	Strategic guidance
Grindstone Accelerator	Scaling startups	OneCart, TaxTim	Tailored acceleration programs
Future Africa	Tech solutions, pre-seed/seed	Andela, Flutterwave	Coaching, community support

These investors are at the heart of South Africa’s growing startup ecosystem, combining funding with hands-on support to help businesses thrive.

Focus On: Africa’s Venture Capital landscape

1. Kalon Venture Partners

Kalon Venture Partners focuses on supporting groundbreaking tech ventures that address African challenges while having the potential to scale globally. Under the leadership of CEO Clive Butkow, the firm brings together a team with an impressive 200 years of combined experience in technology and venture capital.

"We invest in founders that focus intently on developing products that genuinely solve problems." – Clive Butkow, CEO and founder, Kalon Venture Partners

This approach is evident in their targeted investments in post-revenue companies. For instance, their portfolio includes Sendmarc, a cybersecurity firm experiencing rapid growth. The company has achieved 30% month-over-month revenue increases, processes around 400 million emails monthly, and expanded its client base by 14 times in just over a year. Notably, 35 of its clients are listed on the Johannesburg Stock Exchange.

Kalon also invested $1 million in Mobiz, a SmartSMS platform that boasts a 98% open rate and a 15% click-through rate. This has led to a 400% increase in customer engagement for its users.

"Kalon is not just about funding and smart capital. It’s about smart returns. We believe you will achieve great returns if you create as much non-financial as financial value." – Kalon Venture Partners

The firm’s involvement goes beyond providing capital. Kalon offers startups strategic advice and industry expertise to help them scale effectively. Recent investments include visionAI, which leverages artificial intelligence and computer vision to improve manufacturing and supply chain processes, and GoMetro, a fleet management technology company that recently raised £9 million in Series A funding with Kalon’s support.

2. 4Di Capital

4Di Capital, established in 2011 and headquartered in Cape Town, is a seed- and early-stage venture capital firm that follows a "nurture capital" approach.

"Nurture capital encapsulates 4Di Capital’s philosophy. We understand that in the early days of any business, support, mentoring and access to networks is just as important as seed capital." – 4Di Capital

The firm has backed several noteworthy companies, including VALR Financial Services with a $50M Series B in March 2022, and LifeQ Health & Pharmaceuticals, which secured $47M in a Series A round in May 2021.

4Di Capital focuses on three core areas: mobile technologies, enterprise software solutions, and web-based platforms.

Their recent investments highlight a range of industries, such as:

Talk360 Telecommunication Services: $4M seed round
BFREE Financial Services: $1.7M pre-Series A
Comparisure Financial Services: $980K pre-Series A
Aerobotics Agriculture: $600K seed round
Sensor Networks Emerging Technologies: $1.03M Series B

This diverse portfolio reflects their dedication to advancing technology across multiple sectors.

4Di Capital actively seeks founders who are passionate, possess in-depth knowledge of their industries, and have a clear understanding of market opportunities.

Through its specialized funds – 4Di Capital Early-Stage Technology Fund 1 and 4Di Exponential Tech Fund 1 – the firm also prioritizes emerging fields like FinTech, HealthTech, and InsureTech.

3. Naspers Foundry

Naspers Foundry played a key role in South Africa’s startup scene before it wound down operations in March 2023. The fund managed R1.4 billion ($100 million) and focused on Series A and B investments, targeting scalable tech ventures to push South Africa’s innovation forward.

Over its operational years, Naspers Foundry invested nearly R700 million across nine companies:

Company	Investment Amount	Focus Area
Naked	R120 million	AI-driven insurance
Aerobotics	R100 million	Agritech/AI
Planet42	R54 million	Vehicle financing
The Student Hub	R45 million	EdTech
WhereIsMyTransport	R42 million	Transport tech
LifeCheq	R40 million	Financial planning
Ctrl	R34 million	Insurance
SweepSouth	R30 million	Home services
Floatpays	R15 million	Financial wellness

"We invest in high-potential businesses where we have a phenomenal founder who runs a highly scalable business model." – Fabian Whate, Foundry head

Some standout investments include Aerobotics, which uses drones and AI for crop management. Funded in January 2021, Aerobotics has since expanded into 18 markets across Africa and the United States. Another notable company, SweepSouth, initially focused on cleaning services but expanded its offerings during the COVID-19 pandemic.

Naspers Foundry’s strategy included:

Acquiring 10-30% ownership stakes in its portfolio companies
Securing board seats to provide active guidance
Prioritizing businesses with proven technology over untested ideas

Although the fund no longer makes new investments, it continues to support its portfolio companies through follow-on funding, showing its ongoing dedication to South Africa’s early-stage tech sector.

4. Knife Capital

Knife Capital focuses on investing in businesses driven by innovation and positioned for global growth. Their ideal candidates are companies with established technology, clear products, and consistent revenue streams.

In March 2024, Knife Capital secured a $50 million Series B fund aimed at startups with strong potential for high-value exits. Their strategy includes achieving key funding milestones and maintaining a diverse portfolio:

Company	Sector	Notable Achievement
Simera Sense	Space Tech	Secured €13.5M funding (March 2024)
DataProphet	AI Services	Provider of AI-as-a-service solutions
Snapplify	EdTech	Operates a digital learning marketplace
Quicket	Cloud-Based Ticketing	Acquired by Ticketmaster
Kasha	Healthcare	Rwandan platform improving health access

Knife Capital has a history of success, with seven exits under its belt, including Fundamo (acquired by Visa) and orderTalk (acquired by Uber Eats). Their first fund delivered an impressive internal rate of return (IRR) of 59% over an eight-year period.

"What Knife Capital does is looking at the business from exit backward."

Keet van Zyl, Co-founder and Partner, Knife Capital

Their investment criteria are clear: companies with strong leadership, healthy profit margins, solid governance, large market opportunities, and proven technology.

Knife Capital also operates the Grindstone Accelerator, a year-long program designed to prepare startups for international growth. By combining knowledge, networks, and funding, they help African businesses scale globally. Additionally, they provide board-level guidance to get companies exit-ready, addressing critical gaps in South Africa’s entrepreneurial landscape.

5. HAVAÍC

HAVAÍC has carved out a strong position in South Africa’s venture capital space, aligning with Knife Capital’s global outlook. The firm focuses on early-stage, fast-growing technology businesses, with its $20 million Universum Core African Fund targeting post-revenue seed investments and Series A rounds. Over the next three years, the fund aims to make up to 25 investments.

HAVAÍC’s approach is centered on backing tech solutions that solve practical challenges across Africa. Its diverse portfolio spans several sectors:

Sector	Portfolio Companies	Notable Achievements
SafetyTech	AURA	Ranked 27th on FT’s 2024 fastest-growing African firms
HealthTech	hearX Group	Ranked 10th on FT’s 2024 fastest-growing African firms
Emergency Tech	RapidDeploy	Featured on Fast Company’s Most Innovative firms (2024)
Retail Tech	ShopEx	Leading in omnichannel retail solutions
FinTech	NjiaPay, FairMoney	Driving financial inclusion across Africa

These investments have delivered impressive results. In 2023 alone, HAVAÍC achieved a 400% increase in annual revenue and celebrated its fifth exit, with 193% realized returns and 120% unrealized returns.

"The escalating interest from local and international investors supports the growing prominence of African venture capital as an asset class. This is off the back of an influx of increased investment in recent years spurred on by growing awareness for these enticing African investment opportunities for local and international investors. And with the investment demand for African tech‑enabled companies showing no signs of slowing down, this is just the tip of the iceberg."

Ian Lessem, managing partner at HAVAÍC

HAVAÍC goes beyond just providing funding. Its support for portfolio companies includes:

Strategic advice and guidance
Expertise in raising capital
Access to global networks
Insights into local markets and connections

Currently, HAVAÍC’s portfolio companies serve over 20 million customers across 190 countries. A third of its fund has already been invested in African tech companies specializing in fintech, e-health, and safety solutions. Recent investments include SwiftVee and NjiaPay, while established companies like Talk360, Sportable, and RNR App have received additional funding.

"Our deepening relationship with institutional investors means we can support more African tech entrepreneurs in scaling into new markets and generating diversified revenue for reinvestment into Africa. A thriving VC ecosystem translates into economic growth and the creation of skilled local jobs. We are proud to support positive change in Africa and beyond, and thank our partners for supporting our vision."

Ian Lessem, managing partner at HAVAÍC

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6. Goodwell Investments

Goodwell Investments focuses on driving social impact and growth by offering private equity to early-stage companies that provide essential services. Their portfolio spans industries like financial services, food and agriculture, and mobility and logistics. With 36 companies in their portfolio, they’ve reached 30 million households across 72 countries. A standout example of their work involves a follow-on investment that helped scale an insurtech solution.

In May 2020, Goodwell invested $1.3 million in Inclusivity Solutions as part of a $2.6 million Series A funding round. This funding helped the insurtech startup expand its digital insurance offerings across Africa. By partnering with major telecom providers and banks, Inclusivity Solutions has provided coverage to more than 700,000 people through hospital cash and basic life insurance products.

"African economies and specifically inclusive businesses that provide essential products are highly resilient and continue to grow, contrary to global developments. Because crisis or not, demand for essential services will continue to grow among underserved populations." – Els Boerhof

Goodwell doesn’t just provide funding. They also offer management support through teams based in South Africa, Kenya, and Nigeria. Additionally, they connect startups to a global network of partners and co-investors, commit to multi-round investments, and bring operational expertise from their team in the Netherlands.

Their mission is rooted in the belief that impact and profit can go hand in hand, summarized by their principle: "Do well by doing good".

"Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers. Their model bridges the insurance protection gap for underserved through products that are designed to be simple, affordable and accessible, even on the most basic mobile phone. It is a perfect fit with our mandate, and we look forward to continue to support Inclusivity Solutions in its next stage of growth." – Wim van der Beek, managing partner Goodwell Investments

With operations in South Africa, Kenya, and Nigeria, Goodwell Investments is uniquely positioned to back startups that combine social impact with solid financial returns.

7. Newtown Partners

Newtown Partners, founded by Vinny Lingham and Llew Claasen, is an early-stage venture capital firm with offices in Cape Town, South Africa, and San Diego, California. The firm focuses on investing in technology startups that challenge conventional business models. This approach is evident in their early backing of health and tech ventures.

In April 2022, through the Imperial Venture Fund, Newtown Partners participated in a $2.7 million Series Seed round for Waspito, a digital health platform based in Cameroon. This funding helped Waspito expand its services across multiple African regions, enabling users to consult doctors, order prescriptions, and access insurance products directly through mobile devices.

"We found Waspito compelling for its proven ability to scale, traction and growth across Francophone West Africa, a strong leadership team with extensive local knowledge and market insights expertise, and large, engaged base of users. Waspito’s asset-light technology-first approach aligns strongly with our digitizing healthcare interfaces investment thesis." – Llew Claasen, Co-founder and Managing Partner at Newtown Partners

Newtown Partners’ investment strategy leverages the opportunities created by Africa’s demographic and economic growth. For instance, in March 2022, they invested in Chefaa, a pharmacy benefits platform, to help expand its network and launch Chefaa Prime.

The firm goes beyond providing financial support, taking an active role in guiding its portfolio companies. Their involvement includes:

Strategic advice from seasoned executives
Access to an extensive investor network
Support for market entry
Customized corporate venture capital programs
Practical operational insights

Newtown Partners focuses on startups that address challenges like infrastructure gaps, regulatory hurdles, and fragmented markets using technology-based solutions. With over 600 tech hubs, incubators, and accelerators spread across Africa, the firm is helping shape the future of the continent’s tech ecosystem.

8. E4E Africa

E4E Africa is a venture capital fund driven by experienced entrepreneurs, focusing on supporting South Africa’s next wave of innovators. They invest in early-stage businesses – from pre-Series A to scale-up – across sectors like financial services, healthcare, edtech, sustainable agriculture, and energy. A key focus is empowering black and female founders.

In February 2024, E4E Africa led an $8 million seed round for Hohm Energy, a South African climate fintech company. This funding aims to speed up rooftop solar adoption by enhancing technology, refining products, and improving solar installer training.

"Enlabeler is a perfect example of the kind of company we want to invest in. It combines the latest in innovation and technology with the ability to scale globally, while empowering ordinary South Africans." – Philani Sangweni, Managing Partner at E4E Africa

Later in October 2024, E4E Africa led a seed round for TUNL, a shipping platform designed to help South African eCommerce exporters. Thanks to this investment, TUNL has grown rapidly, now supporting over 1,350 SMEs across various industries.

Their portfolio also includes ventures like Pineapple, an insurtech platform, alongside other forward-thinking businesses.

E4E Africa doesn’t just provide funding. They also offer strategic guidance from seasoned entrepreneurs, access to valuable business networks, operational insights, and support for expanding into international markets.

"As part of our mandate to strengthen the South African economy, we were very keen to invest in a fund that brings together the power of a diverse group of experienced entrepreneurs." – Ketso Gordhan, managing director of the SA SME Fund

Staying true to their mission, E4E Africa focuses on scalable, tech-driven solutions that tackle pressing challenges in emerging economies. They actively support underrepresented founders while maintaining a strong emphasis on business growth and market influence.

9. Grindstone Accelerator

Since 2013, Grindstone Accelerator has been helping South African startups grow into sustainable, investment-ready businesses by combining traditional acceleration techniques with growth-focused strategies.

Grindstone’s track record speaks for itself. Some of its standout exits include Garmin’s acquisition of iKubu, Huble Digital acquiring MPull, Momentum Metropolitan taking over TaxTim, Massmart purchasing OneCart, and FM:Systems acquiring WizzPass. Payfast joined the DPO Group, while Sea Monster secured funding from First Rand.

The accelerator’s approach revolves around four key areas: building knowledge, expanding networks, preparing startups for funding, and opening market opportunities.

Through Grindstone Ventures – a fund that supports startups between post-seed and pre-Series A stages – and its partnership with Knife Capital for Series A funding and beyond, Grindstone offers a funding strategy tailored to a startup’s specific growth phase.

This personalized funding approach has proven effective, as highlighted by alumni experiences:

"Grindstone is more than just a program; it’s a family and an exceptional experience. As an alumni, you’ll have ongoing support and access to incredible opportunities as well as potential funding. They understand your business and customise their approach to help you succeed. It’s been a wonderful and valuable experience." – Oran Cohen, Founder, gwork

"Through Grindstone’s program, our small tech company built valuable relationships with mentors like Catherine, Keet, and Andrea, who provided invaluable advice that we were able to implement into our business. We enhanced our professionalism, developed our culture and values, and successfully transitioned from a startup to a small business. Overall, the program was critical in setting us on the right path." – Sanjay Daya, Founder, LOCSTAT

Grindstone’s alumni consistently highlight its focus on tailored support to drive growth.

Examples like KUDOS ONE and AgrilogiQ showcase the accelerator’s impact. KUDOS ONE now operates across 20 countries, while AgrilogiQ has seen steady year-over-year growth after completing the program.

What sets Grindstone apart is its customized approach. Instead of using a one-size-fits-all method, it adapts its program to meet the specific needs of each business. A major focus is on preparing data rooms, making due diligence smoother and improving the chances of securing funding.

This approach has delivered results for companies like Locumbase, which received funding from Montegray Capital, and Quicket, which gained investment from Knife Capital after participating in Grindstone’s program.

10. Future Africa

Future Africa has invested over $10 million in 101 African startups using its TIME framework (Technology, Infrastructure, Media, Environment). This approach has helped build a portfolio that delivers real results across the continent.

The firm goes beyond just providing funding. It offers coaching and community support, focusing on pre-seed and seed-stage investments. Some of its success stories include Andela, a global tech talent platform, and Flutterwave, a company handling over 500,000 payments daily across 33 countries.

"While some investors retreat amid market uncertainty, it activates our core genes which is building an ecosystem of support for founders. In tried-and-true tradition with companies like Andela, Flutterwave and Moove, we are delighted to work with ecosystem partners to nurture a new generation of bold and visionary leaders who will turn our continent’s many challenges into billion-dollar global businesses – despite market conditions." – Iyinoluwa Aboyeji, Founding Partner

Here’s a quick look at Future Africa’s impact:

Metric	Achievement
Total Investment	Over $10 million
Portfolio Companies	101 across 10 countries
Follow-on Funding	Over $1 billion
Returns to Investors	Over $9 million
Job Creation	Over 5,000 positions

The firm has also achieved five liquidity events through secondary exits, proving its ability to deliver returns while supporting Africa’s economic growth. Strategic partnerships amplify this impact. Prosper Africa Coordinator Scott Cameron highlighted this collaboration:

"Prosper Africa is excited to partner with Future Africa. The continent is booming with dynamic leaders who can address national challenges through innovation, and we are delighted to mobilize support for these startups in partnership with Future Africa."

Future Africa has exceeded its $1 million pledge to women-led startups and continues to cultivate a strong network of African founders. Its mission is clear: support leaders who can elevate Africa’s role in the global economy. In South Africa’s thriving startup ecosystem, Future Africa is a key player driving local innovation with global aspirations.

Summary

The investor profiles highlight the evolving nature of South Africa’s startup ecosystem, which is recognized as one of Africa’s leading hubs. With key activity centered in Cape Town, Johannesburg, and Durban, investment strategies are driving growth and maturity across the ecosystem.

Investments in sectors like technology, agriculture, healthcare, and education are supported by integrated systems. Justin Stanford reflects on this journey:

"We became early angel investors in young tech startups in the very nascent local SA ecosystem starting around 2004, and I’ve angel invested in dozens of companies since, but at the time that led us to begin visiting Silicon Valley in the mid-2000s. This ultimately spurred us into creating and launching the Silicon Cape Initiative in 2009, aimed at catalysing the ecosystem in SA and spreading the idea of the possibility of a ‘Silicon Valley in Africa’."

Beyond financial backing, investors provide strategic guidance, industry expertise, and operational support. Government initiatives, such as the Technology Innovation Agency (TIA), further strengthen this foundation. Ketso Gordhan highlights the importance of inclusivity:

"This is to create and grow mainly black entrepreneurs and businesses."

The ecosystem excels in areas like fintech, healthtech, and renewable technologies. There’s a growing focus on environmental sustainability, women-led ventures, and renewable energy innovation. These priorities are shaping South Africa’s startup landscape for both local and global impact.

With this strong foundation of investment and support, South Africa’s startup ecosystem is well-positioned to scale solutions that address regional challenges while tapping into global opportunities. It continues to establish itself as a key hub for entrepreneurship and economic development in Africa.