Sanari Capital Raises $65 Million for Growth Fund, Nears $100 Million Target

South Africa's Sanari Capital raises funds

Sanari Capital, a South African private equity firm, has achieved a significant milestone by raising R1.25 billion (approximately $65 million) for its growth fund. This represents the second closing for the Sanari 3S Growth Fund, bringing them closer to their ultimate goal of reaching a final close, targeting up to $100 million (KES 14.9 Billion).

Notable new investors in this round include South Africa’s Public Investment Corporation (PIC), the largest asset manager on the African continent, and Alex Forbes Investments.

Samantha Pokroy, CEO of Sanari Capital, expressed her enthusiasm, stating, “We are delighted to have raised capital from such highly regarded financial institutions, both of which share our commitment to achieving a balance between financial and socio-economic benefits.”

Founded in 2013, Sanari Capital is a private equity firm that specializes in investments in growth companies from Africa. The primary focus is South African companies with the potential for regional and global expansion. Their investment strategy places a strong emphasis on digital and human enablement to unlock business potential.

Sanari Capital’s expertise lies in partnering with founder-run, owner-managed, and family-owned businesses, with a focus on building Sustainable, Scalable, and Saleable (Sanari “3S”) enterprises. Their investment themes revolve around specific sectors, such as IoT, MedTech, EdTech, Green Solutions, Agribusiness, and Big Data.

Sanari Capital Portfolio

The firm’s current investment portfolio encompasses a diverse range of industries and specialities:

  • Edulife is an organization dedicated to research, product development, innovation, and engineering skill enhancement through various projects.
  • Fernridge has multiple entities; Fernridge Singapore focuses on system integration, security solutions, application development, and IT outsourcing, while Fernridge New Zealand specializes in high-quality meat and seafood. There’s also a research house named Fernridge in South Africa.
  • Jaycor encompasses various companies, including Jaycor Inc and Jaycor Containers, providing non-destructive testing equipment and dumpster services, respectively.
  • Lightware is a prominent manufacturer of AV equipment, including DVI, HDMI, and DisplayPort matrix switchers and signal extenders.
  • Sensor Networks operates in the realm of non-destructive testing equipment and is also a South African SMART Home technology company.
  • iiDENTIFii offers cutting-edge remote biometric digital authentication and automated onboarding technology, catering to customer-focused organizations with authentication and onboarding requirements.

Sanari Capital’s announcement is good news for African startups. It comes at a time when global investors are shying away from African markets. It also follows Baobab Network’s announcement of plans to invest in 1,000 African startups.