92% Of E Squared Investment Directed To Black Beneficiaries With 62% To Black Women Entrepreneurs

Gladwyn Leeuw, CEO of E Squared

The organisation's 2025 Impact Report shows it has invested R1.34bn across 227 businesses since inception, with its portfolio supporting 37,756 jobs created, supported and beneficiated over the same period.

According to the report, the 2025 investment focused heavily on transformation, with 92% of investment value directed to Black beneficiaries and 62% supporting Black women-owned businesses.

Chief executive Gladwyn Leeuw said entrepreneurs continue to face limited access to capital, making long-term support increasingly important.

"Entrepreneurs continue to build in an environment where capital remains scarce, and the margin for error is limited. That reality reinforces the importance of patient, long-term support," he said.

"Our focus is on helping founders build sustainable businesses that can keep trading through difficult cycles, grow into the demands of scale and widen access to opportunity."

E Squared's investment model spans the full entrepreneurial journey, including pre-seed programmes, early-stage investments, fund partnerships, social entrepreneurship and venture philanthropy. It also backs ventures founded by Allan Gray Fellowship alumni.

The report highlights signs of portfolio growth, with E Squared Ventures recording 16% fair market value growth and R31m in realised returns from partial exits during the year.

It also notes that 42 portfolio companies have surpassed R2m in revenue, while four businesses have exceeded either R400m in annual revenue or a R2bn market valuation.

Looking ahead, E Squared said it will focus on strengthening its investment pipeline, expanding post-investment support and improving impact measurement as it works towards its 2030 objectives.