Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
South African electric vehicle startup Everlectric has exited the Vumela Fund, after using its venture debt facility to grow its operations.
The Cape Town-based company, which helps businesses move their commercial fleets to electric vehicles, says the funding did what it was meant to do.
Everlectric now plans to grow its fleet, add more charging infrastructure, expand across South Africa and raise a larger funding facility.
“Vumela backed Everlectric at an important stage in our growth journey. The venture debt facility gave us access to the capital we needed to scale while allowing us to retain the flexibility required as a growing business. More than the funding, we valued having a partner who understood our ambition and believed in the role Everlectric could play in accelerating commercial fleet electrification in South Africa. We are grateful for the partnership and proud that our successful exit represents a positive outcome for both Everlectric and Vumela,” said Ndia Magadagela, Co-founder, Everlectric.
Founded in 2020 by Ndia Magadagela, Paul Plummer and Wesley van der Walt, Everlectric offers fully maintained electric panel vans, charging infrastructure and smart technology in one package. This is meant to lower the cost, complexity and operating risk of switching to electric vehicles, mainly for logistics and delivery businesses.
“It has been extremely rewarding for Vumela to support the growth and success of an innovative product driven by a dynamic team. We are thrilled that the venture debt facility could boost the company’s growth and that further opportunities await upon exit. We look forward to more roads covered with electric, environmentally friendly Everlectric solutions,” said Fatima Munshi, Post-Investment Principal, Edge Growth.
The Vumela Fund was set up in 2010 by FNB Business Banking and small business development firm Edge Growth. It provides growth capital to black-owned small and medium-sized businesses. During the investment period, the Edge Growth and Vumela team worked with Everlectric on access to finance, markets and skills.
Everlectric used a loan to fund its day-to-day operations, allowing it to take on bigger contracts with longer payment periods. This funding also helped meet demand from both new and returning customers who wanted to expand their electric fleets after successful pilot projects. Additionally, the money supported growth in its fleet, charging stations, and national presence, including a new branch in Cape Town that opened in October 2025, with more cities planned to follow.
