Kumalo has partnered with former FNB CEO Michael Jordaan to start LLH Capital, an investment firm focused on making investments in internet-related businesses and tech-based industries, including those that focus on car tracking and drones.

READ MORE: Romeo reloaded

According to a Bloomberg report, LLH Capital has plans for a dual listing on the Johannesburg Stock Exchange (JSE) as well as a listing on the Stock Exchange of Mauritius next year.

Kumalo is reportedly hoping to raise as much as $300 million (R4,2 billion), according to sources with knowledge of the business. Kumalo, who was previously head of Vodacom’s international business, has reportedly roped in a group of fellow business veterans in addition to Jordaan.

News of Kumalo’s latest business venture comes at a time when investment, particularly in tech-related businesses and innovations, is at an all-time high.

READ MORE: New R1.4bn fund for tech entrepreneurs launching soon

Last month media giant Naspers announced the launch of Naspers Foundry, a R1,4 billion investment fund for start-up tech businesses.