South African Telematic Firm Ctrack Secured $23.4 Million in Equity Funding for Growth

South African telematic firm Ctrack secured $23.4 million in equity funding, giving the company a big boost to grow even faster. This South Africa-based telematics startup raised the money from two well-known investors, Sanari Capital and 27four Investment Managers. Sanari put in $14.4 million through its 3S Growth Fund, and 27four added $9 million. This funding will help Ctrack expand its business in Africa and other parts of the world such as the UK, Europe, and Australia.

Ctrack has been around for 40 years, and it has a strong reputation for using data in smart ways. It takes information from devices, GPS, and sensors, then turns it into useful insights that help businesses work better, safer, and grow. The company works with many different industries like logistics, construction, government, and insurance. Now, with this new cash, Ctrack can move faster in bringing new ideas and services to its customers.

Hein Jordt, the CEO of South African telematic firm Ctrack, said this funding shows how much Sanari Capital and 27four believe in Ctrack’s growth story. He added that the money will help their team deliver even better tools that let businesses predict problems and opportunities before they happen. Jordt also said working with Sanari and 27four has been great because both investors share the same values and goals for the future.

Ctrack secured $23.4 million in equity funding

Sanari Capital said they chose to invest in Ctrack because the company is a proven leader in telematics around the world. They also like how Ctrack has big plans to keep growing. Ofentse Pelle, a partner at Sanari Capital, pointed out that running fleets in Africa is not easy. There are many challenges like bad roads, crossing borders, poor internet in rural areas, and security risks. Because of this, telematics solutions that work well in Africa are very strong and can work in many other places too.

This funding is also connected to an important deal Ctrack made recently. Last year, Ctrack bought Inseego’s global telematics business. This helped bring all of Ctrack’s international operations together. Convergence Partners, one of Ctrack’s investors, helped with this deal. They said the new funding proves they believe Ctrack can grow on a global scale.

Convergence Partners first invested in 2021 by acquiring Ctrack’s Africa and Middle East parts from Inseego. Now, with the new money coming in from Sanari Capital and 27four, Ctrack is ready to innovate and grow even more worldwide. The investor said they are happy to work closely with the new funding partners and support Ctrack’s journey.

Since 2021, South African telematic firm Ctrack has been leading in fleet management and telematics using its data-driven approach. This new $23.4 million equity funding helps Ctrack strengthen its global position and offer a smooth service to customers in Africa and other markets.

In conclusion, South African telematic firm Ctrack secured $23.4 million in equity funding to accelerate its growth. This funding, led by Sanari Capital and 27four Investment Managers, shows strong confidence in Ctrack’s future. With this support, Ctrack is set to expand its reach and help more businesses use data to work smarter, safer, and faster.

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