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All posts by Stephen Timm: Editor

  • SA’s Prosperiprop responds to poorly performing ICO, adding PROPX NanoChain

    Following the lack lustre performance so far of its PROPX initial coin offering (ICO) SA startup Prosperiprop has added a new offering to its current ICO. The offering will allow investors to invest in software that will help financial institutions to offer property investment products via the blockchain. Prosperiprop CEO Llew Morkel told Ventureburn on Tuesday that the new opportunity Nanochain PROPX will allow ProsperiProp to become the supplier of a financial technologies platform that will be implemented by licensed financial institutions. The PROPX NanoChain will be developed for ProsperiProp by Lucid Ocean run by Jonathan Crossland and will be funded by a PROPX token sale currently...

  • SA drone startup UAV Industries to enter three more countries after $499 000 deal

    Hot on the heels of securing R6.84-million ($499 000) in funding from local investors Glenheim Venture Capital Company, South African drone operator UAV Industries plans to expand into at least three neighbouring countries over the next 18 months. The announcement of the deal was made yesterday by Glenheim Venture Capital Company, but was concluded three months ago. Speaking to Ventureburn today, UAVI Industries chairman Peter Venn said he could not confirm the amount in equity taken by Glenheim, explaining that the figure is based on future deliverables such as turnover and profit. Venn said the drone sector is a "highly regulated" environment and that it would take time...

  • Here are the 15 SA tech startups that have netted $137.7m in 2017 deals

    South African tech startups have concluded deals valued at over $137.7-million so far this year, shows data tracked by Ventureburn. Ventureburn has tracked and reported on 15 deals valued at over $137.7-million to date in 2017 -- including the $123-million acquisition in May of Cape Town startup GetSmarter by US listed company 2U. In all 12 of these deals involved Cape Town based startups, with one each based in Johannesburg, Bloemfontein and Stellenbosch. If one excludes the GetSmarter deal, 14 tech startups have been able to raise $14.7-million this year (see the below graphic). In a further three deals reported on by Ventureburn the parties did not...

  • Ghanaian lending platform Bloom Impact plans to expand following funding close

    Ghanaian lending platform Bloom Impact, which last week landed an undisclosed amount in seed funding from a Canadian fund, plans to enter three other African markets in the next three years. "We are currently laser-focused on customer usage and growth, product enhancements and revenues in the coming months in order to successfully close a seed round in early 2018," said Bloom Impact co-founder Carol Caruso in an email to Ventureburn yesterday. Caruso said the startup has mapped out a forecast of two to three other countries for expansion in West Africa over the next three years, such as Nigeria, Ivory Coast, Burkina Faso and Senegal. Bloom Impact...

  • Angel investing has seen ‘phenomenal growth’ in Africa says SABAN co-founder

    Angel investing on the African continent has seen "phenomenal growth" in recent years, SA Business Angels Network (SABAN) co-founder Chris Campbell said today. He was speaking to Ventureburn ahead of the fourth annual African Angel Investor Summit (AAIS2017) set to take place on 15 to 17 November at Workshop 17 in Cape Town. Campbell said while he didn't have numbers in front of him to point to, he said he had anecdotally seen "phenomenal growth", with African Business Angels Network (ABAN) membership now at 63 angel groups, up from perhaps fewer than 10 such groups four years ago. He attributed the growth in angel investing on the continent...

  • With nine days to go Prosperiprop ICO has raised just $20 000 against $20m target

    South African startup Prosperiprop may have been too optimistic when it launched its PROPEX initial coin offering (ICO) last month. With nine days to the end of the ICO the startup has raised a mere $20 269, through selling 144 154 tokens,against a targeted $20-million Through its its ICO the startup wants to allow investors a chance to invest in international property. Last month Prosperiprop founder Llew Morkel said the company was  seeking to raise between $60-million and $120-million through the ICO in PROPX tokens, valued at one dollar a piece. The company will itself retain $80-million of tokens. ICO has been a hectic...

  • FNB Business Innovation Awards entries for 2018 are now open

    Endeavor South Africa today announced the launch of the FNB Business Innovation Awards entries for 2018. The awards are supported by Endeavor South Africa. In a press release Endeavor SA said the FNB Business Innovation Awards are aimed at businesses that are able to demonstrate real innovation with the potential to change the way an industry operates both locally and internationally. Businesses must exhibit high-growth potential and have the capacity to add substantial economic value by means of job creation. This, partnered with a social conscious, outstanding business ethics, and goodwill are all factors that will be reviewed by the selection panel. All...

  • SA’s slowing economy, political volatility no concern for Swiss angel investors

    South Africa's current political volatility and the slowing economy is no concern for a group of six Swiss angel investors who have contributed to the €150 000 that 10 startups this year have been able to tap through Startupbootcamp Cape Town. Swiss ICT Investor Club (SICTIC) Thomas Duebendorfer and five other investors from the investor club have committed to fund three years of Startupbootcamp Cape Town and invest in 10 early-stage tech startups per year that do business in Africa. For Duebendorfer South Africa is still an attractive investment destination. "Only if it were to affect how foreign investors are treated or regulated in South Africa...

  • SA blockchain startup The Sun Exchange raises $1.6m to help fund planned ICO

    SA blockchain startup The Sun Exchange, which leverages blockchain technology to allow individuals to purchase solar cells in solar projects, has raised $1.6-million from a number of strategic partners to enable it to fund a planned initial coin offering (ICO). The news was revealed this afternoon in a press release to Ventureburn by SA Venture Capital Company, Kalon Venture Partners. In addition to Kalon Venture Partners other investors include: Network Society Ventures (New York City) and three of the world's leading technology accelerators, BoostVC (San Francisco Bay Area), TechStars (Boulder, Colorado) and Powerhouse (Oakland, California). The Sun Exchange will use the funding to run a...

  • Startups have 10 days left to complete Ventureburn survey, win iPhone 8, more

    Startups have just over 10 days left to complete the second annual Startup Survey -- the Ventureburn Tech Startup Survey powered by Telkom Futuremakers -- and stand a chance to win an iPhone 8 as well as a business startup hamper powered by Telkom, BCX and Trudon as well as other great prizes. Ventureburn, in partnership with Telkom Futuremakers and analytics company Qurio launched the survey on 2 October. The survey will close on 31 October. Thus far 165 questionnaires have been completed in full. 'The Ventureburn Startup Survey will prove crucial in providing data on the challenges faced by South Africa’s tech startups' This year's survey follows the successful 2015 survey and aims to again...