At a time when South Africa grapples with one of the world’s highest youth unemployment rates and rising inequality, E Squared Investments has shown that investing in purpose-led entrepreneurship is not only possible, it is essential.
Last week, the organisation launched its 2024 Impact Report, themed ‘Sustainably Scaling Impact.’ Since its inception in 2017, E Squared has deployed over R1.02 billion into 177 ventures across the continent, combining financial investment with capacity building and ecosystem partnerships to unlock their mission.
In 2024 alone, E Squared disbursed R369.7 million across the venture lifecycle – from pre-seed to growth-stage – backing founders tackling poverty, unemployment, and inequality with bold, scalable solutions. These ventures have collectively created, supported, or sustained more than 32 000 jobs, affirming the power of responsible entrepreneurship to deliver systemic change.
“Our progress across all investment portfolios reaffirms our core belief that responsible entrepreneurship drives sustainable economic development, transformation, and social change.” – Gladwyn Leeuw, CEO of E Squared Investments.
2024 Investment Highlights:
- R304.3 million toward Allan Gray Fellow-led ventures
- R294.4 million into Seed to Series A+ ventures
- R44.4 million in pre-seed capital
- R30.8 million for purpose-led social enterprises
- 46% of 2024 investment value directed to Black women-owned businesses
Over time, E Squared has channelled:
- R736.2 million into early- and growth-stage ventures
- R654.5 million into ventures founded by Allan Gray Fellows
- R179 million into social enterprises committed to systemic transformation
The organisation has realised R103.8 million in investment returns, including R23.6 million in 2024 alone through partial exits. Its venture portfolio’s Fair Market Value rose 44% year-on-year to R772 million, reflecting a 42% return on capital. Notably, Black women-led businesses accounted for 47% of the total investment value over a three-year rolling period.
“We are deliberately backing Black and female-led ventures, addressing structural gaps in capital access. In our social entrepreneurship portfolio, we support mission-driven organisations tackling youth unemployment, education inequality, micro-entrepreneurship and access to essential services” – Nazeem Martin, Chairman of the Board, E Squared Investments.
Celebrating Impact: Voices from the Ecosystem
The Impact Report launch brought together a diverse group of stakeholders – from entrepreneurs, investors, and ecosystem leaders – through two engaging panel discussions:
The first, Catalysing Scale Through Collaborative Models, featured industry leaders such as Claudia Manning (SA SME Fund) and Catherine Young (Grindstone), exploring the role of blended capital and co-investment in building resilient ventures.
The second, Scaling with Purpose – The Entrepreneur’s View, highlighted the founder experiences including Giancarlo Beukes (Impulse Biomed) and Ayanda Vana (Khula!), who shared how E Squared’s support has fuelled their growth and amplified their impact.
Nontobeko Mabizela, CEO of the Allan Gray Orbis Foundation, reflected on the Foundation’s 20-year legacy and the shared mission with E Squared to nurture long-term entrepreneurial success. As the Foundation’s strategic partner, E Squared continues to provide post-fellowship capital and support to Allan Gray Fellows transitioning from potential to practice, turning entrepreneurial ambition into scalable impact.
In his closing reflections, Malik Fal, Trustee and Board Member underscored the organisation’s unwavering commitment to principled growth. He noted that, “Scaling with purpose means anchoring growth in values. The next chapter of impact will demand deeper collaboration, bolder capital, and collective vision to unlock Africa’s full potential.”
A Call to Action
Looking ahead, E Squared is inviting investors, policymakers, and ecosystem builders to join in shaping a future where economic growth and social equity are not competing outcomes—but complementary ones.
AboutE Squared investments (report also available through thislink )
E Squared is a South African impact investor supporting start-ups and growing ventures, driving commercial and social returns. It provides entrepreneur-friendly, patient capital to businesses at all stages, from pre-seed to maturity, along with end-to-end business support through post-investment value creation programmes.
Partnering for growth, E Squared takes a long-term investment view and works alongside start-ups, incubators, accelerators, and investors to capture and nurture entrepreneurial talent. E Squared supports founders across all sectors to build businesses that create sustainable commercial value, attack poverty in a meaningful way, and address unemployment and inequality in South Africa.
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Distributed by JNPR on behalf of E Squared Investments.
For further information or interview requests please contact: esquared@jnpr.co.za
