South Africa: Futuregrowth invests in SweepSouth
Posted on: 15 July, 2020 at 6:46 PM
Asset management firm Futuregrowth added to its venture capital portfolio of early-stage growth companies in June when it invested in South Africa’s SweepSouth, an online platform for booking, managing and paying for home cleaning, and now a variety of other services.
The business, which was first established in June 2014, has expanded its offering from its personalised home cleaning roots to gardening and pool cleaning, heavy lifting, fixing and maintenance and, most recently, commercial sanitation. Its services are available in South Africa’s four major metropolitan areas, namely Cape Town, Johannesburg, Pretoria and Durban.
Amrish Narrandes, head unlisted equity transactions at Futuregrowth says, “SweepSouth is an early-stage business disruptor that, instead of solving a Silicon Valley problem, is solving South African-specific problems. The company has taken a large segment of the informal sector, which is one of the biggest employers in South Africa, and formalised it, giving people protection and security in their working environments.”
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