South African Corporate Travel Agency Looks to Embolden Women Under New Investor
Photo Credit: A "gender-lens" investing fund has taken a majority stake in the agency. Flickr / WOCinTech Chat
Skift Take
A pioneering female-focused private equity fund has backed a management buyout at Johannesburg's Club Travel Corporate, and it’s a sign of more things to come across Africa, according to its CEO.
Johannesburg-based Club Travel Corporate is entering a critical next phase after securing the backing of a unique investment fund that will put new emphasis on working with female-owned businesses on the continent.
Alitheia IDF Fund, Africa’s first and largest "gender-lens" investing fund, has taken a majority stake in the agency, which experienced a collapse in bookings during the pandemic. It's an example of impact investing, a strategy that aims to generate specific beneficial social or environmental effects on top of financial gains.
The private equity fund has now backed a management buyout of the travel agency, which at one point saw transactions plummet from 20,000 bookings a month to just 50 bookings a month during the pandemic. “Our travel is dead,” CEO Ka
