Transaction Summary
First National Bank (FNB), one of South Africa’s largest commercial banks and a division of FirstRand Bank Limited, has invested in Everlectric through the Vumela Enterprise Development Fund 4.0 (Vumela Fund), in partnership with Edge Growth Group (Edge Growth), which manages the fund. FNB provides retail and commercial banking services, supporting SMEs through various financial products and strategic investment initiatives. Founded in 2020, Everlectric is a South African company specialising in Electric Vehicles-as-a-Service (EVaaS), offering a commercial leasing model designed to accelerate electric vehicle (EV) adoption in South Africa. The Vumela Fund offers growth capital to qualifying SMEs, including venture debt, supporting high-growth businesses in scaling their operations. The investment will enable Everlectric to expand its fleet and service offering, reinforcing its mission to drive sustainable mobility solutions in South Africa.
Terms
- Fund Managers: First National Bank, Edge Growth Group
- Fund: Vumela Enterprise Development Fund 4.0 (managed by Edge Growth)
- Target:
