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Venture capital

  • SA insurance platform Click2Sure secures investment from Greenlight Re

    Cape Town based digital insurance platform Click2Sure has secured an undisclosed investment from Greenlight Capital Re, a Cayman Islands based reinsurance company. In a statement today (17 October), Click2Sure said the investment was motivated by the startup's "unique cloud-based technology" and the experience of Click2Sure's founding partners serial entrepreneurs Daniel Guasco (pictured above) and Jacques van Niekerk. Commenting in the same statement, Van Niekerk said he was delighted by the investment as well as the endorsement of the startup's "unique full-stack, multiple digital platform capability and potential". Click2Sure was founded in 2016 by Daniel Guasco and Jacques Van Niekerk "This partnership has brought global recognition to a South African business and...

  • US-based Nigerian fintech Flutterwave closes $10m Series-A extension round

    US-based Nigerian fintech startup Flutterwave has closed a $10-million Series-A extension round bringing the total amount the startup has raised since its launch two years ago, to just over $20-million. In a statement on the company's website last Sunday (14 October), Flutterwave stated that the Series-A extension round included investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures and Raba Capital, among others. As part of the deal, Green Visor Capital chairman and general partner Joe Saunders will join Flutterwave's board of directors. Since its launch in 2016, Flutterwave has raised over $20-million Flutterwave provides digital payments infrastructure and services which enable global merchants,...

  • HAVAÍC acquires 10% stake in SA real-estate portal Instant Property

    Cape Town based venture capital (VC) company Havaíc has acquired a 10% equity stake in commercial real-estate portal Instant Property. In a statement yesterday (15 October), Havaíc said it has advanced the first round of financing -- for which it has acquired a 10% equity stake -- with an allocation for follow-on funding at Instant Property's option. If the option is exercised, Havaíc will hold in total up to 17% equity stake in the real-estate portal. As part of the deal Havaíc executive director Grant Rock will join the Instant Property board in a non-executive capacity. While Instant Property founder and executive chairman Wayne Berger...

  • Crossfin acquires majority stake in payment solutions company Crossgate [Updated]

    Cape Town based fintech holding company Crossfin has acquired a majority stake in SA payment solutions company Crossgate for an undisclosed amount. The deal, which was announced yesterday (10 October), follows Crossfin's partnership with SA bank and asset management group Investec to identify and invest in early-stage fintech businesses. In a statement yesterday (11 October), Crossfin COO and co-founder Anton Gaylard said Crossgate has a 10-year track record of forming strategic partnerships with international payment associations, payment card manufacturers, mobile payment experts, processors and other technology providers that enable commerce. In a subsequent email to Ventureburn, Gaylard explained that media technology company Tritech Media previously owned...

  • SA startup The Sun Exchange announces $500k investment from Alphabit [Updated]

    SA startup The Sun Exchange, a blockchain-based solar micro-leasing marketplace, announced today that it had received a $500,000 seed investment from Alphabit, a multi-million-dollar US hedge fund. The hedge fund, which invests in companies that solve real-world problems by applying blockchain and decentralisation, was launched in April last year and aims to invest $300-million, according to a Reuters story. Alphabit CEO Liam Robertson said in a statement today that with technology that has the potential to disrupt two of today’s most dysfunctional centralised global systems -- energy and finance -- that he's convinced that Sun Exchange will be "one of the best equity...

  • Nigeria’s Microtraction announces its sixth deal, with cloud accounting startup

    Lagos-based investment platform Microtraction has announced that it has invested in cloud accounting startup Accounteer -- bringing the investor's portfolio to six startups. While Microtraction did not reveal the terms of the deal, the platform notes on the home page of its website that it ordinarily invests $65 000 in two stages. It states that the first investment is usually about $15 000 in exchange for a 7.5% equity stake. This is then followed by an additional $50 000 convertible note at a $1-million valuation cap in companies that show "significant progress" after Microtraction's initial investment. With this latest investment, Microtraction, which was founded last year,...

  • Here are the eight startups that will pitch for Series-A funding at VC4A summit

    African startup funding platform VC4A has selected eight startups that it will showcase at next month's Africa Early Stage Investor Summit in Cape Town. The eight startups that make up this year's VC4A Venture Showcase Series-A portfolio were selected after an earlier call -- for disruptive African scale-ups looking to raise Series-A funding of between $250 000 and $5-million. In a statement announcing the eight last Thursday (4 October) VC4A founder Ben White said the selected ventures represent "a new class of investment opportunity coming up across the African continent. The 2018 VC4A Venture Showcase Series-A portfolio was selected from over 1000 applicants "The selected ventures have strong...

  • VC association Savca appoints new directors to fill two vacancies

    The Southern African Venture Capital and Private Equity Association (Savca) announced the appointment yesterday of two new directors, as well as the re-appointment of an existing director to its board. The appointments follow Savca's annual general meeting held yesterday (3 October) in Johannesburg. The new appointees are Langa Madonko, investment principal for investor relations and capital raising at Summit Africa and Rory Ord, head of unlisted investments at 27four Investment Managers. The two will fill the space left by Edge Growth managing director Dan Hatfield and Helical Capital Partners co-CEO Craig Beney, who are leaving the board, Savca said today. The appointments were made after...

  • Egypt’s iCommunity raises $600k from Algebra Ventures in Series-A round

    Cairo-based community management platform iCommunity has raised $600 000 from Egyptian VC firm Algebra Ventures in a Series-A funding round. The startup -- which was founded in 2016 by managing director Karim Akram and CTO Antoine Megalla -- connects residents, real-estate developers and facility management through its app. The platform's target market is Egypt's gated communities. Commenting in a statement from Algebra Ventures today (2 October), Akram said the startup intends to use the investment to expand in both its home country and internationally. Cairo-based iCommunity was founded in 2016 by managing director Karim Akram and CTO Antoine Megalla "We want to build the best team...

  • What really is the secret to getting a VC deal? [Opinion]

    Most entrepreneurs dream of that moment when they get to send out that press release announcing they have struck a venture capital (VC) funding deal. It usually involves millions and millions and it’s a great moment for the startup and the entrepreneurial community. It is a rockstar moment for the entrepreneur, and a milestone for the startup. For people working at the startup it’s a sign of validation, a sign of success and a sign of growth to come. The sad reality is, however, most startups never get there. The headlines and the press releases are loud and proud and create...

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