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South African electric vehicle company Everlectric has exited the Vumela Fund, managed by Edge Growth, following a venture debt investment used to support the expansion of its commercial fleet business.
Founded in 2020 by Ndia Magadagela, Paul Plummer and Wesley van der Walt, Everlectric provides businesses with electric commercial vehicles and charging infrastructure.
The Vumela Fund’s venture debt facility provided the working capital Everlectric needed to service larger contracts and scale its operations. With the investment having achieved its intended purpose, Everlectric has now exited the fund.
“Vumela backed Everlectric at an important stage in our growth journey. The venture debt facility gave us access to the capital we needed to scale while allowing us to retain the flexibility required as a growing business. More than the funding, we valued having a partner who understood our ambition and believed in the role Everlectric could play in accelerating commercial fleet electrification in South Africa,” said Magadagela.
The Vumela Fund was established in 2010 by FNB Business Banking and Edge Growth to provide growth capital to black-owned small and medium-sized enterprises.
“It has been extremely rewarding for Vumela to support the growth and success of an innovative product driven by a dynamic team. We are thrilled that the venture debt facility could boost the company’s growth and that further opportunities await upon exit. We look forward to more roads covered with electric, environmentally friendly Everlectric solutions,” commented Fatima Munshi, post-investment principal at Edge Growth.
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