Venture capital (VC) firm Havaíc has led a R12 million follow-on investment round in on-demand breakdown management and analytics platform Right Now Response (RNR).
The Cape Town-based VC firm contributed R10 million following an initial R9.2 million invested as the company’s first institutional investor in February last year.
South African-born RNR provides truck fleet managers and truck OEMs 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.
According to a statement, the investment will help RNR to grow its team of employees and further scale the tech platform locally and in Southern Africa.
“RNR is well-positioned to take advantage of the escalating demand for its technology in Southern Africa’s significant transport and logistics market,” says Kiara Suttner-Tromp, investment principal at Havaíc.
“We are excited to deepen our relationship with RNR and support their remarkable growth trajectory.”
As a member of the board, Havaíc says it 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 start-up has also expanded its network of suppliers and mechanics across Zimbabwe, Zambia and Botswana.
“Havaíc has been extremely supportive strategically, while at the same time leaving us to do what we do best,” comments Wayne Witherspoon, CEO and co-founder of RNR.
“They bring a fresh perspective and ask probing questions that open up new possibilities. We look forward to continue 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 made five international exits, delivering annualised returns exceeding its 30% target. In 2023, the VC launched its $50 million African Innovation Fund 3, earmarking a further 15 investments in African-born technology start-ups with global potential.
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