The Vumela Fund is a R388 million Social Venture Capital Fund that Edge Growth manages on behalf of First Rand in alliance with FNB. The fund is an outsourced, end-to-end ESD solution through which First Rand provides a portfolio of high-calibre SMEs with financial and business development support.
Initially a R161million fund, Edge Growth and FNB successfully raised an additional R227 million from the Jobs Fund and First Rand Group in 2014 to further our job creation objectives.
Coega Autospray supplies small sprayed plastic parts to OEMs in the motor industry, primarily VW and General Motors. The technical skill required in this niche is rare and Coega has consistently produced high-quality products that have won them large contracts and numerous awards, yet growth had been limited.
Edge’s due diligence resulted in Vumela making a R15 million debt-equity investment in Coega Autospray in 2011, providing growth capital. Edge Growth also helped to raise an additional R6 million of debt funding to finance Coega’s growth.
Combined with Edge’s growth strategy support, the investment helped Coega recover from an insolvent position and has created an additional 60 jobs*, grown revenue by 400%, and enabled the commission of a robotic production line and a new moulding line to support demand.
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