South African online home services platform, SweepSouth, has completed an $11m investment round led by Alitheia IDF (AIF), Africa’s first and largest gender-lens private equity fund.
This investment size, according to the startup, represents the largest to date. The startup also reveals that it is also a result of strong growth in the company’s valuation and social impact since the previous funding round.
The investment round saw current investors, Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management all committed to participate in this new round, as did new investors Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures, and E4E Africa.
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SweepSouth was co-founded in 2014 by Aisha Pandor and Alen Ribic. The startup has a strong presence in Africa’s four key tech markets: South Africa, Kenya, Nigeria, and Egypt.
This latest round of funding will allow the company to further develop and grow its infrastructure and team in South Africa, roll out new services in existing markets, and pursue both greenfield expansions and acquisitions across the African continent and beyond.
“This new funding round is an important one for our team as we continue to scale in South Africa, and further grow our operations in Kenya, Nigeria, and Egypt,” says Aisha Pandor, co-founder of SweepSouth.
“We’re excited to continue SweepSouth’s work in connecting customers with home service providers across the continent, building a platform that empowers domestic workers and local tradespeople. We are particularly proud to have raised funding from Alitheia IDF, a female-led fund, and to have included more women investors on the cap table via a female-focused SPV during this round. We are excited about what this means for us going forward and thrilled to have Polo Leteka from Alitheia IDF join the board.”
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