Newsletter

Endeavor South Africa Quarter 4 Newsletter 2024

Dear Friends of Endeavor,

The year has been electrifying – pun intended! With two key general elections (at home and in the US), green shoot growth is back, the markets are reaching all-time highs but more importantly, the lights have stayed on. The problem with speed is that it can be dangerous, everyone and everything needs a pause. Holidays are beckoning, but before that, here are the high-lights of the quarter!

Without a doubt the most exciting news is the recent announcement of Tymebank achieving $1.5bn valuation (& unicorn status) in their $250m Series D round led by Brazilian fintech giant Nubank. This partnership highlights the essence of Endeavor’s mission, which is to connect high-impact entrepreneurs from emerging markets with opportunities that allow them to radically scale beyond borders. It also marks Harvest Fund III’s second investment into Tyme, shortly after announcing a first close at R190m in October. A high note to end the on for South Africa, the ecosystem, and Endeavor don’t miss this freshly inked article.

We are thrilled to announce that Barry Swartzberg, Co-Founder and Head of Strategy & New Venture Creation at Discovery, will be our new chair from 2025. Barry is no stranger to Endeavor having served on our Board for the past 10 years, has been a panellist on numerous Endeavor International Selection panels, and is an active mentor for the Endeavor portfolio – both locally and globally.

Barry succeeds Herman Bosman, Chair of MTN’s Fintech Group, who has done an outstanding job shaping Endeavor South Africa for the last 7 years to what it is today. During his tenure Endeavor has increased the number of entrepreneurs served 4fold from 25 to +100, reached financial sustainability, significantly increased the team’s experience and retention, and established and raised three Endeavor SA Harvest Funds now with close to R500m AuM.

We also welcome our newest Board Member Marang Denalane co-founder and director of Sphere Holding, along with Flood, and Qwilijoining our Local Scale-Up program.

The annual New York Gala was themed ‘Go BIG & Go HOME’ reinforcing Endeavor’s Multiplier-Effect message that is – that entrepreneurs who make the most impact and build successful businesses (like Globant and Mercado Libre) then return home to re-invest their learnings and wealth in the next generation of upcoming entrepreneurs. Thank you to the Tyme, Clickatell, and Carry1st for joining us at this annual celebration. Closer to home, we hosted an Endeavor x Quona cocktail event at Ellerman Housewith ties to Endeavor SA Patron Paul Harris, weaving together connections between Endeavor’s Africa-focused investors, Entrepreneurs, and our Board, some for the first time in this fitting and breath-taking backdrop overlooking Bantry Bay.

In Global news, we opened an office in Ukraine and recently held the 101st Endeavor International Selection Panel in Miami where our Board members Melvyn Lubega and Tjaart van der Walt were flying the SA flag high! These in-person panels are the highlight of our Endeavor calendar, with the 2025 ISPs taking place in Dubai (Feb), Poland (June),Singapore (Sept) and finishing the year strongly the largest of the year ISP taking place in Stellenbosch 13-15th December which will be held at a newly renovated Spier. Please mark your calendars and join us for this high-octane global event which is the pinnacle of the Endeavor journey.

Local Endeavor Events & Network News

Tymebank cements unicorn status with the announcement of their R250m Series D round led by Nubank. Click here.

Marang DenalaneJoins Endeavor SA Board – bringing her impressive investment and leadership experience into the next chapter of Endeavor SA. Click here.

Entrepreneur News

Yellow Malawi’s Solar Energy Impact continues.

Yellow is bringing clean, reliable solar energy to over 180,000 people in Malawi. This milestone drives local economic growth, reduces emissions, and continues the mission to power up underserved communities across Africa. Read more.

Merchant Capital CEO’s shares his impact Story on SMEs.

Dov Girnun, Endeavor Entrepreneur and CEO and Co-Founder of Merchant Capital, shares his inspiring journey from London’s financial sector to founding a business that has supported nearly 50,000 SMEs across South Africa. Read More

Go1’s Chris Eigeland takes the helm of Global Education At Go1, empowering 50mil online users.

Chris Eigeland, Co-founder and now CEO of Go1, as an Endeavor Entrepreneur. Chris, who recently took over as sole CEO from fellow co-founder and Endeavor Entrepreneur Andrew Barnes, has been instrumental in Go1’s journey to becoming a global edtech leader. Read more.

Carry1st collaborates with Audiomack expanding access to gaming and music.

Carry1st co-founders Lucy Hoffman & Cordel Robbin-Coker are transforming digital access in Africa! Their Pay1st solution now powers Audiomack’s local subscriptions, unlocking new ways to enjoy gaming and music. Read more

Clickatell’s Shares their Global Messaging Impact Story.

Pieter de Villiers‘s pioneering work with Clickatell has been key to enabling WhatsApp to become the Chat powerhouse it is today. Read more.

Onafriq partners with Kooltra: Transforming Africa’s Payment Network.

Dare Okoudjou, Onafriq is reshaping Africa’s payment landscape, connecting over 40 markets and reaching 500 million+ mobile wallets. Read more.

Akelo Group: Empowering South Africa’s Informal Retail.

Andrew Weinberg, Group CEO of AKELO Group and Founder & CEO of its subsidiary Retail Engage, has partnered with RAPT Commerce to launch a transformative platform aimed at South Africa’s informal and emerging retail markets. Read more.

Yoco’s shares their mission to enable business growth in the Fintech Sector.

Katlego Maphai and Carl Wazen, co-founders of Yoco, continue to push the boundaries of innovation! At this year’s Yoco Next 2024 in Cape Town, Yoco showcased its vision for thoughtfully connected business solutions. Read more.

inQuba Wins Four Assegai Awards.

Trent Rossini and Michael Renzon, co-founders of inQuba, on their remarkable achievement at the Assegai Awards, hosted by the Direct Marketing Association of South Africa (DMASA). Read more.

Local Scale-Up News

Welcome to the latest joiners in our pipeline:

Global Endeavor Events & Entrepreneur News

Endeavor Catalyst Global Venture Capital Predictions 2025 are out! Click here

Behind Endeavors Expansion: Read the full story of our expansion by our SVP of Expansion. Click here

Notable Global Capital Raises in Africa: Endeavors entrepreneurs Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Group announced a US$110M Series C, which places the valuation of the company at 1B+.

Other cool stuff to double-click on

  • Reid Hoffman asks: What kind of future will your AI-enabled business create?: Reid Hoffman (and his AI twin) on the cognitive industrial revolution.
  • Consider adding “The Fintech OG Series” by This Week in Fintech to your podcast rotation.
  • (Re)Watch “Skandal! Bringing Down Wirecard” on Netflix. Fun Fact: a few of our Endeavor Entrepreneurs have sold their companies to Wirecard, and their experiences working with them were actually great!
  • Listen to Mikhail Lomtadze (Kaspi) on building a $20B valued business out of Kazakhstan, Kaspi’s Super-App strategy, and his secrets on execution, on The Enthusiast.
  • Play with NotebookLM. Pro-tip from an Endeavor Entrepreneur for those fundraising: Upload your investor deck, generate an audio interview, and add the resulting podcast to your data room (yes, it’s that good!).

Closing the quarter

The December pause. In life, much like a dance, a pause can be a period of reflection or stillness that enables growth, insight, and transformation. A pause holds a unique kind of power – it’s not an absence but rather a moment of presence. Pauses in life – whether brief or prolonged – allow us to reconnect with ourselves, understand our experiences, and open space for new perspectives to emerge. We wish you a wonderful break with family, friends, and loved ones reflecting on the past, and enjoying the gifts that taking time out can bring.

See you in 2025!

Warm regards,

Alison Collier, Endeavor South Africa MD.