South African Corporate Travel Agency Looks to Embolden Women Under New Investor
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 Kananelo Makhetha told Skift in 2020.
Photo courtesy of RF._.studio.
Source: Skift (link opens in a new window)
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