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Africa’s Startup Financing Receives Boost as Sanari Capital Closes $65 Million

Sanari Capital

Sanari Capital, a South African private equity business with a majority black and female ownership, has raised about $65 million (R1.25 billion) during the second closure of its Sanari 3S Growth Fund, moving the company closer to its target of a final close equivalent of up to $100 million.

With R450 billion in assets under management and administration, Alexforbes Investments, South Africa’s leading and largest provider of multi-manager investment portfolios and related investment services in Southern Africa, and the Public Investment Corporation (PIC), the continent’s largest asset manager, are among the new investors in this closing. 

Samantha Pokroy, CEO of Sanari was thrilled by the raise, noting that the financial institutions responsible for it shared similar financial and socioeconomic benefits.

“We are delighted to have raised capital from such highly regarded financial institutions, both of which share our commitment to achieving a balance between financial and socio-economic benefits. This funding will play a pivotal role in addressing structural economic imbalances, promoting transformation, fostering economic growth, creating jobs, and delivering both environmental and financial returns.”

Sanari Capital makes investments in well-established companies that are at a turning point, driven by technology, innovation, sectoral or thematic growth drivers, and new markets, between R50 million and R250 million. 

With a focus on technology, a more connected digital world, IoT, data, and services, Sanari’s investment philosophy is centered on themes that are in line with the rapidly changing global landscape. It supported the $15 million series A financing of a revolutionary biometrics tech company, iiDENTIFii in September of last year.

Moushmi Patel, Sanari’s executive director, stated that the fund gives the firm the financial capacity to invest in larger companies than was previously possible. The director noted that Sanari will broaden its work scope with founders in the mid-market. 

The National Fund for Municipal Workers (NFMW), the 27four Black Business Growth Fund, the Telkom Retirement Fund, the Motor Industry Retirement Funds through the RisCura Manager Development Programme, and the PIC and Alexforbes round out Sanari Capital’s current investor base. 

The increased top-up allocation from NFMW and the continuous support from our investors, which is a sign of their faith in our portfolio and pipeline, are both greatly appreciated, Pokroy said.

The fund is in line with the requirements for the 2X Challenge, which encourages the mobilization of resources to advance women’s participation in international economic development and leadership. This is closely related to the firm’s diverse composition and commitment to being a significant player in the African market and on a global platform.

 

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Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

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