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Ventureburn has received word that Vodacom could offload a large portion of its investment in mobile video product Zoopy before the end of the month.
Rumours that the African mobile giant could be selling off its stake in the service first emerged last week.
At the moment little is known about the deal. A source, who asked to remain anonymous, told Ventureburn that the sale would definitely go through before the end of the month.
When approached for comment, Vodacom spokesperson Richard Boorman refused to comment on a specific date, confirming only that it was looking for a potential investor in Zoopy:
We’re looking at options for Zoopy that include bringing in a partner to invest and help grow the business. I’m afraid that I can’t comment on the status of the process or other details at this stage.
Zoopy produces and distributes 90 second videos of news, sports and entertainment from South Africa and the world.
The platform was founded in 2007. At the time, it positioned itself as competition to the likes of YouTube, allowing users to upload and share videos, podcasts, and blogs.
In 2008 Vodacom bought a 40% stake in the company before eventually acquiring the company in full in August 2010.