FirstRand’s Vumela Fund has committed an additional R25 million funding line to ProfitShare Partners (PSP) to support SMEs needing capital to supply essentials to fight Covid-19.
PSP has been actively assisting a few SMEs since the start of lockdown to supply essential items, including the local manufacturing of hand sanitisers, face masks, other health personal protective equipment and pharmaceutical medical supplies.
The additional R25 million funding line from the Vumela Fund will enable the fintech startup to take this drive one step further and partner with more SMEs who are in the business of supplying these essentials.
“We’ve prioritised these unusual deals in support of the fight against Coronavirus. A sufficient supply of these essentials for medical workers and our people will be important in the coming weeks, which is why we want to help support and provide capital to local SMEs who are working tirelessly to meet the demands to produce these essential items during this period,” says Andrew Maren, CEO and founder of PSP.