African mid-market PE firm PAPE joins cap table of tech company Entersekt

 African mid-market PE firm PAPE joins cap table of tech company Entersekt

Cape Town-based Entersekt, which raised funding from technology-focused private equity firm Accel-KKR six months back, has secured an undisclosed sum from PAPE Fund 3, a mid-market South African private equity fund.

Entersekt was founded in Stellenbosch in 2010. It provides device identity and authentication solutions. The company said its software currently secures over 1 billion transactions every month, protecting millions of financial services customers across the globe.

PAPE joins Entersekt’s cap table that already counts shareholders like Nedbank Private Equity, Rand Merchant Investment Holdings and Accel-KKR. The fresh investment will fuel Entersekt’s global expansion and supporting recent successes in regions such as the USA and Latin America, it said.

Schalk Nolte, CEO at Entersekt, said: “The fund has a very strong footprint in our home market of South Africa, and their expertise will bring a valuable perspective alongside our existing shareholders. PAPE’s investment helps us further bolster operational support as we scale Entersekt in our strategic focus regions.”

Zuko Kubukeli and Ikageng Moatshe, Principals at PAPE Fund Managers, led the transaction.

PAPE Fund 3 is a private equity fund managed by PAPE Fund Managers (Pty) Ltd. It has ZAR1.03 billion in investor commitments with institutional investors such as various South African pension funds and asset managers, a Dutch development bank, and a pool of family offices.

PAPE’s first fund had commenced in 2009 having garnered ZAR250 million and invested in seven companies. The second fund came three years later and attracted ZAR300 million. As per its website, PAPE 2 went on to invest only ZAR200 million in four companies.

The latest fund came in 2018 seeking to build a portfolio of 8-12 companies. It has previously backed Laser Logistics, Angelo Kater and Singular Systems. Entersekt is the fourth portfolio company in its basket.

Vivek Sinha

error: Content is protected !!
The Capital Quest