SOUTH AFRICA – HAVAÍC, a leading venture capital firm based in Cape Town, has announced a significant R12 million (US$633,854) follow-on investment in Right Now Response (RNR), a pioneering breakdown management platform.
This investment marks a strong vote of confidence in RNR’s mission to revolutionize fleet management across Southern Africa, following a fruitful initial investment of R9.2 million (US$485,954) last year.
“The seasoned team at RNR knows their industry inside out,” said Kiara Suttner-Tromp, Investment Principal at HAVAÍC.
“Their hands-on expertise and impressive network mean RNR is well-positioned to take advantage of the escalating demand for their technology in Southern Africa’s significant transport and logistics market. We are excited to deepen our relationship with RNR and support their remarkable growth trajectory.”
South African-born RNR provides truck fleet managers and truck OEMs (Original Equipment Manufacturers) with on-demand breakdown support via its nationwide network of vetted mechanics, electricians, and repair centres.
The app and web portal offer clients 24/7 breakdown visibility, including live location tracing and tracking, to help get drivers back on the road faster.
As a member of the Board, HAVAÍC works closely with co-founders Wayne and Michelle Witherspoon on key strategic, commercial, and financial matters.
Over the past 12 months, RNR has grown revenue by 86% and increased the volume of monthly breakdowns handled via its platform by 87%.
The startup has also expanded its network of suppliers and mechanics across Zimbabwe, Zambia, and Botswana. The investment will bolster RNR to grow its team and further scale the tech platform locally and in Southern Africa.
“HAVAÍC have been extremely supportive strategically while at the same time leaving us to do what we do best,” added Wayne Witherspoon, CEO and co-founder at RNR.
“They bring a fresh perspective and ask probing questions that open up new possibilities. We look forward to continuing working closely with Kiara and the team as we take on our next growth chapter.”
The announcement follows HAVAÍC’s recent investments in Sportable and RapidDeploy.
The VC firm now serves a combined 20 million customers in 182 countries worldwide via its 20-strong portfolio of early-stage, high-potential tech companies.
To date, HAVAÍC has achieved a landmark five international exits, delivering annualised returns far exceeding its 30% target.
In 2023, the VC launched its US$50 million African Innovation Fund 3, earmarking a further 15 investments in African-born technology startups with global potential.
mail newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
