The size of the round, which is SweepSouth’s largest to date, is a result of strong growth in the company’s valuation and social impact since the previous funding round.
Current investors Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management all committed to participate in this new round, as did new investors Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures, and E4E Africa.
Co-founded in 2014 by Aisha Pandor and Alen Ribic, SweepSouth has a presence in Africa’s four key tech markets: South Africa, Kenya, Nigeria, and Egypt.
This latest round of funding will allow the company to further develop and grow its infrastructure and team in South Africa, roll out new services in existing markets, and pursue both greenfield expansions and acquisitions across the African continent and beyond.
“This new funding round is an important one for our team as we continue to scale in South Africa, and further grow our operations in Kenya, Nigeria, and Egypt,” says Pandor, co-founder of SweepSouth.
“We are particularly proud to have raised funding from Alitheia IDF, a female-led fund, and to have included more women investors on the cap table via a female-focused SPV during this round. We are excited about what this means for us going forward and thrilled to have Polo Leteka from Alitheia IDF join the board.”
Alitheia IDF, Africa’s first women-focused and women-led private equity fund, is a $100m gender-lens fund co-founded and managed by two women-led firms – Alitheia Capital (Lagos, Nigeria) and IDF Capital (Johannesburg, South Africa).
The fund, which announced its final close in 2021 to become the largest gender-lens private equity fund in Africa, identifies, invests in, and grows SMEs led by gender-diverse teams in six African countries: Nigeria, South Africa, Ghana, Lesotho, Zimbabwe, and Zambia.
“We are proud to support SweepSouth’s growth as it expands its platform that substantially improves the financial and social outcomes for domestic workers across Africa, most of which are women. AIF’s investment will enable the development of infrastructure and operations that will deliver growth for stakeholders – particularly domestic workers and local tradespeople at the base of the economic pyramid,” says Polo Leteka, principal partner, Alitheia IDF Fund.
In addition to its expansion efforts, SweepSouth will scale its current efforts to improve the economic and legal rights of domestic workers through efforts such as the SweepSouth Report on Pay and Working Conditions for Domestic Workers Across Africa– a report that highlights the struggles of domestic workers in Africa and encourages more action from governments and stakeholders.