RNR, a South Africa-based breakdown management startup, has secured ZAR12 million (US$640,000) in funding to bolster its team and scale its operations across Southern Africa.
Venture Capital Firm HAVAÍC Leads Funding Round
HAVAÍC, a prominent South African venture capital firm, spearheaded the startup’s funding round in February 2023, raising ZAR10 million (US$555,000). The firm is currently at the helm of a new funding round, valued at ZAR12 million (US$640,000).
RNR’s Background and Services
Founded in 2019 by Wayne and Michelle Witherspoon, RNR is an on-demand breakdown management and analytics platform, also known as “Right Now Response.” Through its extensive network of certified mechanics, electricians, and service facilities across the country, the company provides breakdown support to truck fleet managers and vehicle OEMs. Leveraging advanced technology, RNR effectively balances supply and demand, significantly reducing response times.
Innovative Approach
RNR completes 70% of repairs on the roadside, saving on expensive towing and freight delays by mobilizing its nearest subcontractor. Clients can access real-time breakdown visibility through the app and web portal, offering live position tracking and tracing from acceptance to workshop and roadside repair.
CEO’s Remarks on Partnership with HAVAÍC
“HAVAÍC has provided invaluable strategic support while allowing us the autonomy to excel in our core competencies. Their fresh perspective and incisive questioning have unearthed new opportunities for us. We eagerly anticipate further collaboration with Kiara and her team as we embark on the next phase of our growth,” remarked Wayne Witherspoon, CEO and co-founder of RNR.
HAVAÍC’s Perspective
“The experienced team at RNR possesses a deep understanding of their industry. Their hands-on expertise and extensive network position RNR to capitalize on the increasing demand for their technology in Southern Africa’s substantial transport and logistics market. We are enthusiastic about strengthening our partnership with RNR and fostering their impressive growth trajectory,” stated Kiara Suttner-Tromp, investment principal at HAVAÍC.
Impressive Growth
In the past 12 months, RNR has experienced a remarkable 87% increase in monthly breakdown volume managed through its platform, coupled with an impressive 86% growth in income. Additionally, the company has expanded its network of suppliers and mechanics in Botswana, Zambia, and Zimbabwe.
Future Plans
The funding will enable RNR to grow its team and enhance the IT platform within Southern Africa and beyond.
Source: TechinAfrica