Endeavor South Africa has closed Harvest Fund III at R230 million to co-invest in Series B and later African scale-ups, alongside lead investors.
Endeavor South Africa closed Harvest Fund III at R230 million. The fund will co-invest in Series B and later-stage African tech companies.
Endeavor South Africa said its third Harvest Fund has reached a final close at R230 million. Harvest Fund III is a rules-based co-investment vehicle, meaning it follows preset rules to invest alongside a qualified lead investor, instead of leading deals itself.
The fund is focused on Series B and later rounds. A Series B round is a growth stage raise for startups that already have strong traction and want to scale into new markets or products.
Harvest Fund III had an earlier first close of R190 million in October 2024. Endeavor initially targeted R500 million, but closed smaller, citing tighter allocations from limited partners and longer fundraising cycles across African venture capital through 2025 and early 2026.
Endeavor says the fund is already deploying capital. It is targeting a pipeline of about 40 companies across South Africa, Egypt, Nigeria, and Kenya.
The fund has invested in GoTyme Bank, Onafriq, Entersekt, and Plentify so far. Notable limited partners include FirstRand, Standard Bank, Allan Gray, and the SA SME Fund, plus founder investors including Discovery co-founder Barry Swartzberg and Tyme Group co-founders Coenraad Jonker and Tjaart van der Walt.
Late-stage funding has been harder to secure in Africa, even for companies with proven revenue. A co-investment model can help fill gaps by backing deals that already have a lead investor doing pricing and diligence.
Endeavor also pointed to results from Harvest Fund II. Its 17-company portfolio reported 49% annual revenue growth and 24% annual employment growth between 2020 and 2025, and raised more than R27 billion over that period.
Endeavor South Africa CEO Alison Collier said many high-potential founders do not lack talent. They lack access to global networks and peer support from operators who have already scaled companies.
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