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Futuregrowth invests in online platform, SweepSouth through its development equity fund
22 July 2020
The online platform SweepSouth provides on-demand home cleaning services, connecting people from across seven major cities in South Africa with its database of ‘Sweepstars’ offering their services. The company has expanded to include gardening, pool cleaning, heavy lifting, fixing maintenance and commercial sanitation, according to co-founder, Aisha Pandor.
“Futuregrowth Asset Management has added to its venture capital portfolio with an investment in the online platform, SweepSouth,” says Amrish Narrandes, head of unlisted equity transactions at Futuregrowth. Narrandes continued by saying, “The investment reflects the Futuregrowth Development Equity Fund’s mandate to invest in socially responsible projects or businesses.”
Narrandes said that Futuregrowth also invested in digital private wealth management business Lifecheq earlier this year. He added that Futuregrowth’s Development Equity Fund was also the first South African institutional investor into technology-driven point-of-sale provider Yoco, in 2018.
In 2017, the World Economic Forum recognised Aisha as one of Africa’s breakthrough female innovators. According to Narrandes, SweepSouth is an early-stage business disruptor who has been recognised for its role in tackling socio-economic challenges that South Africa face. He explained that the company has been able to address problems such as unemployment, underemployment among women and give women better access to technology.
Pandor commented, “SweepStars can dictate where and when they would like to work, earn up to 80% of the booking fee, including tips and learn to use technology to unlock the power of a smartphone so that it becomes a tool that provides access to work.”
“The fund seeks to make developmental investments that will deliver a return above a benchmark of CPI + 10%,” emphasised Narrandes.
Aisha Pandor is also an ambassador for Invest Cape Town’s Citizens Campaign that is aimed at highlighting Cape Town based businesses. Watch the testimonial video here: http://wordpress-local:8081/investct-citizens-campaign/
Article originally written by Patrick Cairns, City Wire
