South African-based venture capitalist (VC) firm E Squared is driving technological innovations across the African continent by investing in start-up companies.
The VC firm recently launched its 2024 Impact Report, themed “Sustainably Scaling Impact”. According to E Squared, since its inception in 2017, it 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 an e-mail interview with ITWeb, Gladwyn Leeuw, CEO of E Squared Investments, says E Squared has backed a range of innovative tech start-ups that are driving scalable solutions to some of South Africa’s and Africa’s most pressing challenges.
Notable investments include Impulse Biomed, a health tech company that designs and develops affordable medical devices, enabling access to a broader market.
The VC firm also backed Khula!, a digital platform connecting farmers with suppliers, markets, and logistics providers to improve access to agricultural inputs and markets.
“These start-ups were highlighted in our 2024 Impact Report launch panel, demonstrating how technology is central to their scaling strategies,” says Leeuw.
In 2024 alone, E Squared says it 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.
According to the firm, these ventures have collectively created, supported, or sustained more than 32 000 jobs, affirming the power of responsible entrepreneurship to deliver systemic change.
For 2025, Leeuwreveals that E Squared forecasts its investment activity to be between R400 million and R500 million across various initiatives – including early-stage funding, growth-stage ventures, social enterprises, fund of funds and support to Allan Gray Orbis Foundation Fellows.
“However, it is important to note that this figure represents a projection and is subject to change based on the availability of fundable, high-potential opportunities. Our investment strategy remains responsive to the evolving entrepreneurial landscape, ensuring capital is deployed responsibly, and in alignment with both commercial merit and social impact potential.
“Our progress across all investment portfolios reaffirms our core belief that responsible entrepreneurship drives sustainable economic development, transformation, and social change," Leeuw says.
“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,” says Nazeem Martin, chairman of the board at E Squared Investments.
The firm points out that 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, it notes.
It adds that 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 fueled their growth andamplified 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 at Allan Grey underscored the organisation’s commitment to principled growth.
“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.”
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