South Africa-based telematics startup Ctrack Holdings has raised $23.4 million in equity funding led by Sanari Capital and 27four Investment Managers. The funding will be used to accelerate its scale, growth and innovation of its businesses in Africa and the rest of the world.
The investors, both recognised leaders in South Africa’s investment space with strong B-BBEE credentials, jointly contributed to the fund. Sanari, through its 3S Growth Fund, contributed $14.4 million, and 27four Investment Managers invested $9 million. During the process, Verdant IMAP served as the sole financial advisor and intermediary.
With 40 years of experience in delivering data-driven technology, Ctrack transforms data received from devices, sensors and GPS into actionable intelligence that drives efficiency, growth and safety. It currently operates across Africa, the UK, Europe and Australia.
The company is recognised as a Global leader in telematic operations by providing predictive insights to industries ranging from logistics and construction to government and insurance markets. With the new funding, Ctrack is gaining renewed momentum to expand its footprint across these markets.
The company’s CEO, Hein Jordt, noted that Sanari Capital and 27four’s investment represents a strong endorsement of Ctrack’s continuous growth journey and its position as a global player. He said the funding will bolster its ability to deliver and give businesses the power to predict.
“Sanari Capital brings a strong focus on unlocking both human and digital potential through its investment, aligned with our values and strategy. It has been a pleasure working with the Sanari Capital and 27four teams throughout this process, and we look forward to building on this partnership,” he added.
Reacting to the development, the South African lead investors, Sanari Capital, noted that Ctrack is already well established as a global leader in telematic operations. It added that the decision to back the company is attributed to its impressive track record and the ambition it displayed for further growth.
“Africa has some of the toughest operating conditions for fleets – infrastructure, cross-border logistics, rural connectivity and security challenges. Telematics solutions developed here are among the best in the world and highly adaptable globally,” said Ofentse Pelle, Partner at Sanari Capital.
The development also complements a recent acquisition of Inseego’s international telematics business last year. The process was facilitated by a Ctrack investor, Convergence Partners.
Global telematic leader: Ctrack’s acquisition of Inseego
The Sanari and 27four investment builds on Ctrack’s strategic acquisition of Inseego. And the company will be looking to build on that ride with the new $23.4 million equity funding.
Notably, the development is more than just funding; it’s a reunification of Ctrack’s global business.
In 2021, Convergence Partners acquired the Africa and Middle East operations of Ctrack from Inseego. Three years later, Ctrack completed the acquisition of Inseego’s remaining international telematics operations across Europe, Australia, and New Zealand.
Convergence Partners described the latest investment as further proof of its conviction in Ctrack’s global potential. It said it strengthens the shareholder base behind Ctrack’s next phase of innovation and global growth.
“We are delighted to welcome Sanari and 27four as equity partners, both of whom are parties we have worked well with in the past. Convergence Partners remains committed to supporting Ctrack’s journey as they continue to lead innovation in global telematics,” it added.
Since Convergence Partners entered its operation in 2021, Ctrack has led in its operation as a provider of data-driven fleet management and telematics solutions with a global reach.
For the company, the addition of new partnerships presents an opportunity to gain control of the telematic industry. It positions the company to deliver a seamless international offering to customers across Africa and developed international markets.