SA venture capital (VC) firm HAVAIC Limited Partners has invested in paperless cloud solutions company Digital Cabinet.
The investment comes in the form of a convertible note instrument, and while no exact amount has been given, it is estimated to be under R5-million.
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HAVAIC has been working with Digital Cabinet for several months in an advisory and service manner.
“Digital Cabinet has been operating for about 5 years and we have seen our business mature to the extent that we require further capital to both expand with new products and consolidate our existing offerings,” writes Digital Cabinet CEO Daniel Kritzas in a press release to Ventureburn.
With the funding, Digital Cabinet will upgrade its infrastructure, hire more staff, and has appointed a North American reseller.
“Historically, our business focused on small and medium enterprises who required our cloud storage solutions. Of late, we are also targeting large corporations with our document and forms management solutions and our newly launched digital document delivery offering,” continues Kritzas.
HAVAIC Limited Partners is the VC arm of “boutique African focused investment and advisory firm” HAVAIC Holdings South Africa.
The VC invests in early-stage SA and African startups with the ability to scale internationally. These companies also need to competitively use home-grown local skill sets.
“HAVAIC is proud to have invested in Digital Cabinet, knowing that not only is it a strategic use of capital and resources, but it’s a unique opportunity to work with a rising star in the tech world that is in the process of leveraging its home grown market leading resources and IP in the global cloud solutions and digital communications and storage arena,” says CEO of HAVAIC, Ian Lessem.
