New investment from E Squared accelerates Secha’s US$40M Fund II, scaling a unique Operator-Investor model that bridges the gap between capital and talent.
JOHANNESBURG, SOUTH AFRICA – Secha Capital, the pioneer of “Execution Capital” in Southern Africa, has reached a second close of its US$40 million growth fund, Secha Capital Impact (Fund II). Joining the fund is E Squared Investments, a renowned impact investor founded by Allan Gray, alongside existing backers including RMB Ventures, the SA SME Fund, and 27four Investment Managers.
Bridging the Talent Gap: The OI and CEOI Model
At the heart of this partnership is a shared mission to solve the two biggest hurdles for small, growing businesses: access to capital and access to world-class talent. Secha’s Operator-Investor (OI) model embeds young, high-powered professionals directly into portfolio companies to work side-by-side with founders on sales, operations, and strategy.
The model has now evolved to include the Chief Executive Operator-Investor (CEOI) track. This provides a clear, high-impact career path for elite professionals to transition from corporate roles into C-suite leadership within the portfolio.
This replicable “talent-first” approach de-risks the investment for institutional investors while providing entrepreneurs with the “human capital” required to scale.
Rushil Vallabh, co-founder of Secha Capital. said, ““Most investors provide capital and advice. We provide execution. By embedding the right operators next to founders, we turn strategy into results and potential into performance.”
Real Economy, Real Impact
Secha Fund II targets essential, high-growth sectors that form the backbone of the economy—including agriculture, manufacturing, energy, and consumer goods.
The fund is already 40% invested across eight companies, including: Barracuda (electronics manufacturing); Plentify (energy technology)’; Cultura Fresh (controlled-environment farming); FarmTrace (farm management software); iG3N (energy storage solutions); AgrigateOne (perishable goods supply chain; LHC Beauty (consumer brand).
The portfolio’s impact is systemic, having already created over 1,000 sustainable jobs. By digitizing traditional supply chains and expanding local production, these companies are reducing import reliance and scaling into global champions.
“We invest in the businesses people rely on every day, both today and in the future,” says Brendan J. Mullen, co-founder of Secha Capital. “By making these companies run better and grow faster, we deliver on a dual mandate of strong financial returns and systemic social impact”.
A Strategic Alignment for Southern Africa
For E Squared, the investment represents a strategic move to support a model that aligns with their mission of nurturing entrepreneurial talent to combat unemployment.
“Secha’s model stands out because it is profoundly practical,” says Pyi Maung, Chief Investment Officer at E Squared Investments. “It doesn’t just fund entrepreneurs; it provides the executive muscle needed to build resilient, job-creating businesses in the real economy. This aligns perfectly with E Squared’s vision of patient, supportive capital”.
Secha Capital is targeting a final close of R650M (~$40 million) for Fund II in July 2026.
About Secha Capital
Secha Capital invests Execution Capital in large, fragmented, tech laggard, talent-constrained, misunderstood sectors in emerging and developing markets, unlocked by the Operator–Investor model.. www.sechacapital.com
About E Squared Investments
E Squared is a South African impact investor supporting start-ups and growing ventures, driving commercial and social returns. It provides entrepreneur-friendly, patient capital to businesses at all stages, from pre-seed to maturity, along with end-to-end business support through post-investment value creation programmes.
Partnering for growth, E Squared takes a long-term investment view and works alongside start-ups, incubators, accelerators, and investors to capture and nurture entrepreneurial talent. E Squared supports founders across all sectors to build businesses that create sustainable commercial value, attack poverty in a meaningful way, and address unemployment and inequality in South Africa.
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Author: Gabrielle Matthew from JNPR on behalf of E Squared Investments.
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