E Squared Investments, an impact investor based in South Africa, allocated more than R300 million to domestic companies in 2025, which raises its total capital invested to R1.37 billion over 227 projects since it was established in 2017.
The Allan Gray-backed corporation presents itself as a provider of capital and comprehensive business support to high-growth companies. It holds slightly under 18% of Allan Gray Proprietary and uses dividends to fund its investment activities.
The allocation for 2025 is R160 million for high-growth and scalable initiatives, R32 million for pre-seed funding, R10 million for seed to Series A+ ventures, and R36 million for social enterprises. Of the total, 92% went to black beneficiaries, with 62% benefiting black-women-owned businesses.
The portfolio firms cover agritech, data integration, and financial literacy. E Squared has backed several startups, including agriculture firms Khula! and SwiftVEE, data automation company Synatic, and financial literacy portal Fintr.
The company’s investment gains amounted to R137 million, which encompassed R31 million from partial withdrawals made in 2025. The fair market value of its venture portfolio rose by 16% compared to the prior year, totaling R987 million and yielding a 44% return on investment.
CEO Gladwyn Leeuw said entrepreneurs continue to build in an environment where capital remains scarce and the margin for error is limited, reinforcing the importance of patient, long-term support. South Africa’s VC market saw R3.29 billion deployed in 2024 according to SAVCA data, the majority of it into technology and health businesses
