From the boardrooms of a global investment firm in New York to launching a pioneering venture debt fund in South Africa, Grace Legodi’s journey exemplifies the transformative power of combining Wall Street expertise with grassroots passion for African entrepreneurship.
As co-founder of Keyo Ventures, Legodi is addressing a critical gap in South Africa’s green economy. Founded in 2023, the fund focuses on early stage alternative financing for circular, green mobility, water, waste management, and sustainable agriculture businesses across southern Africa.
After a decade in investment banking, including five years with the global investment firm’s merger and acquisitions team, Legodi returned home with a clear mission: to help build small businesses and create jobs in sectors she believes are “the lifeblood of what will get our economy growing”.
She quickly learnt that South Africa’s entrepreneurial landscape required different solutions than those in the West. “You can’t just put money into businesses and hope for the best,” Legodi explains. She says they need a lot of handholding and nurturing, so investors should provide more than just capital, and actively support and guide the businesses they invest in.
This insight led to Keyo Ventures unique approach of combining venture debt with real-time technology integration that tracks portfolio companies’ operational and financial performance, reducing investment risk in a market where many businesses fail.
This is where Anglo American’s Impact Finance Network (IFN) became crucial. When Keyo Ventures needed validation to unlock institutional capital, the IFN provided catalytic funding that changed everything. It provided R2 million catalytic investment that helped Keyo unlock R35 million from its first institutional investor – validation that would have been impossible for a first-time fund manager.
“The IFN has really helped to organise and simplify the entrepreneurship industry,” Legodi says. “They’ve become a node bringing investors, accelerators, incubators, corporates and government together – all focused on helping entrepreneurs grow.”
The IFN is an initiative that helps eligible businesses become “investment-ready” by providing assistance and connecting them with potential investors. Beyond capital, the IFN provided Legodi with pipeline referrals, speaking opportunities, and strategic connections essential for navigating South Africa’s complex business environment.
From a concept two years ago to a functioning fund with five team members, three committed investors to-date, and active deals invested in the market today. The IFN’s support didn’t just unlock institutional capital – it gave Keyo the breathing room to structure deals that work for entrepreneurs while managing fiduciary responsibility.
Looking forward, Keyo Ventures has ambitions to raise R500 million and expand across the 16 SADC countries, Legodi represents a new generation of African investors: those walking the change they want to see, one business at a time.