How Everlectric’s New Funding is Supercharging South Africa’s EV Market

Everlectric, a Pretoria-based electric vehicle (EV) startup, has secured venture debt funding from the Vumela Fund. This funding will help the company grow and speed up the use of electric commercial fleets in South Africa.

Everlectric provides businesses with full-maintenance leasing of battery electric vehicle (BEV) panel vans, mainly for the logistics sector.

This model removes common barriers to EV adoption, making it easier for companies to switch to cleaner and more affordable fleets.

With this funding, Everlectric can expand its services and support the shift to electric mobility across the country.

The global EV market is growing fast. The International Energy Agency (IEA) reported that the number of EVs worldwide reached 16 million in 2022, a 60% increase from the previous year.

This growth continued in 2023 and 2024, with sales rising 35% and 25% respectively. South Africa is also seeing more EV adoption.

According to the National Association of Automobile Manufacturers of South Africa (Naamsa), new energy vehicle (NEV) sales hit a record high in 2023, with an 88% increase in the third quarter of 2024 compared to the same period in 2023.

Everlectric’s leasing model tackles common EV concerns like high costs, maintenance, and range anxiety.

The company offers businesses leading BEV panel vans, access to charging infrastructure, and a smart platform for fleet management, making the switch to EVs easier.

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Ndia Magadagela, co-founder of Everlectric, said, “We are excited to partner with Vumela on this venture debt transaction.

Their support will help us scale and bring electric fleet solutions to more businesses in South Africa.”

The Vumela Fund, created in 2010 by FNB Business Banking and Edge Growth, provides growth capital to black-owned small and medium-sized enterprises (SMEs) in South Africa.

Its venture debt solutions offer funding without giving up ownership, helping startups expand quickly.

Philippa Lloys Ellis, Investment Principal at Edge Growth, highlighted Everlectric’s impact: “Everlectric has built a solution that helps South African businesses transition to EV fleets while addressing key challenges around adoption. This is a huge opportunity in South Africa.”Mike Sage, FNB’s Investment Capital Head and a Vumela Trustee, added, “We are proud to support Everlectric’s growth.

Their work in shifting business fleets to EVs aligns with the future of sustainable transport.”

With fuel prices fluctuating, Everlectric’s model offers companies a way to manage costs by switching to electric-powered fleets. The company also provides reliable charging solutions to reduce range anxiety.

Woolworths, a major South African retail company, has already started using Everlectric’s EVs for deliveries, showing the potential for wider adoption.

Founded by Ndia Magadagela, Paul Plummer, and Wesley van der Walt, Everlectric is leading South Africa’s move to cleaner transport.

By making EV adoption easier for businesses, the company is helping build a greener economy and positioning South Africa as an important player in the global shift to electric mobility.

This funding will support Everlectric’s expansion and attract more investment, strengthening its role in the country’s EV industry.