Everlectric, the innovative South African start-up that helps businesses transition their commercial fleets to electric vehicles, has successfully exited the Vumela Fund.
Wesley van der Walt, Ndia Magadagela, and Paul Plummer, founders of Everlectric
Offering fully maintained electric panel vans, charging infrastructure and smart technology, Everlectric has grown rapidly since its launch in 2020, expanding its fleet, infrastructure and national footprint in response to growing customer demand.
The Vumela Fund’s venture debt facility provided the working capital and flexibility Everlectric needed to service larger contracts and scale its operations, with a branch in Cape Town opening in October last year and other cities to open soon. This enabled the company to meet increased demand from new customers and returning clients by expanding their electric fleets following successful proof-of-concept projects.
With the investment having achieved its intended purpose, Everlectric has now successfully exited the fund.
Founded by Ndia Magadagela, Paul Plummer, and Wesley van der Walt, Everlectric provides a risk-free and cost-effective route to the adoption of commercial electric vehicles (EVs) in South Africa. Its integrated solution is designed to reduce the cost, complexity and operational risks associated with EV adoption, particularly for logistics and delivery businesses.
“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,” says Magadagela. “We are grateful for the partnership and proud that our successful exit represents a positive outcome for both Everlectric and Vumela.”
The Vumela Fund was established in 2010 as a collaboration between by FNB Business Banking and small business development specialist, Edge Growth to provide growth capital to Black-owned SMEs.
Throughout the investment period, the Edge Growth and Vumela team worked closely with Everlectric to address key barriers to growth, including access to finance, markets and skills. Its catalytic funding and working-capital support enabled the company to service large contracts with longer payment lead times while continuing to scale its operations.
“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,” says post-investment principal at Edge Growth, Fatima Munshi.
Everlectric is now moving into its next phase, with plans to significantly grow its electric commercial vehicle fleet, expand its charging infrastructure, further deepen its footprint across South Africa, and access a larger funding facility.
