E Squared Investments

E Squared Investments is a Johannesburg-based impact investor founded in 2017, rooted in the Allan Gray ecosystem (Allan Gray Orbis Foundation, est. 2005, and the vision of Dr. Allan Gray, who conceived the original entrepreneurship-for-impact mission in the early 1980s). Led by CEO Gladwyn Leeuw and Board Chairman Nazeem Martin, the firm has deployed R1.37 billion (~$75 million) across 177+ ventures continent-wide, creating or supporting 37,756 jobs.

What makes E Squared distinctive in the South African venture ecosystem is its mandate: 92% of investment value goes toward Black beneficiaries, and 62% of funds support Black women-owned businesses. The firm invests across the full spectrum from pre-seed to growth stage, backing companies like Impulse Biomed (affordable medical devices), Khula! (digital agricultural platform connecting farmers with suppliers and markets), and Regenize (waste recycling through venture philanthropy). Four portfolio companies have grown beyond R400 million in revenue or achieved valuations exceeding R2 billion. The firm generated R31 million through partial exits in 2025 and posted 16% fair market value growth across the portfolio, demonstrating that impact and returns can coexist. E Squared also partners with Secha Capital to provide "execution capital" for South Africa's real economy, and operates a venture philanthropy arm for pre-revenue social enterprises.