Tech in Africa
South Africa’s DKN Transport has secured investment funding from The Engen Convoy Fund. This private-owned company meets the level 1 B-BBEE criteria and comprises 30% black/female shareholding. The funding will go towards unlocking additional market opportunities.
DKN Transport is headquartered in Johannesburg since 2004 and provides road freight logistics solutions across several industries across national and cross-border into Africa. DKN has a track record of proven resilience operating in a competitive market and environment backed by strong financial performance, and a supportive and highly capable team.
Transport and logistic organizations have been hard hit over the past 18 months due to the covid-19 pandemic and a decline in demand. Through the funding, DKN will expand its fleet size and market offering resulting in job creation.
Hitesh Dullabh, an Investment Associate at Edge Growth pointed that the investment will contribute to growing the broader logistic supply chain in South Africa and job creation over the long term.” DKN Director Nevenka Naidoo said the funding will “continue to drive our customer-centric ethos” in turn “strengthening our key client partnerships.”
The Engen Convoy ESD Fund was established to promote broad-based black economic empowerment (B-BBEE) so as to maximize socio-economic development through the support of sustainable supply chain transformation. The fund is managed by established Edge Growth – a small business development specialist – that supports SMEs within and outside Engen’s database by providing growth funding for both capital expenditure and business development.
The Engen Convoy Fund supports SMEs with a turnover of less than R50 million within and outside of their database. Access to finance is provided for both capital and business development needs where entities are at least 51% black-owned and/or black-female owned.
