South African Startup RNR Secures ZAR12M for Breakdown Management Expansion
RNR, a South African-based breakdown management startup, has secured ZAR12 million (US$640,000) in funding. The company, founded in 2019 by Wayne and Michelle Witherspoon, operates as an on-demand breakdown management and analytics platform. The funding round was led by HAVAÍC, a South African venture capital firm, in February 2023, raising ZAR10 million (US$555,000).
RNR has seen remarkable growth in the past 12 months, with an 87% increase in monthly breakdown volume and an 86% growth in income. The company has expanded its network of suppliers and mechanics in Botswana, Zambia, and Zimbabwe. RNR reduces response times and completes 70% of repairs on the roadside, minimizing towing and freight delays. It offers real-time breakdown visibility through its app and web portal, tracking from acceptance to workshop and roadside repair. RNR provides breakdown support to truck fleet managers and vehicle OEMs through its network of certified mechanics and service facilities.
The funding will enable RNR to grow its team and enhance its IT platform within Southern Africa and beyond. The OPEC Fund for International Development (OPEC Fund) is involved in financing the development of RNR, with its financing also benefiting other countries in Africa, Asia, Latin America, and the Caribbean.
With the recent funding, RNR is well-positioned to continue its expansion and improve its services. The company's growth and innovative approach to breakdown management have attracted significant investment, demonstrating the potential of the South African startup scene.
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