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South African startup Snapt has raised a R15-million in capital to fund its international expansion.
Led by entrepreneurial veteran Dave Blakey, Snapt provides secure application delivery software to the business space. Launched in 2012, it has some 1 000 global clients representing 10 000 licences.
The funding comes from Convergence Partners and follows it decision to open a US sales office last year.
“This funding is enormously important in Snapt’s bid to become a major player in the US$6.5-billion US market for application delivery software,” said Blakey in a statement. In a previous statement, the company expressed plans to obtain a five percent share of that market.
According to the statement, the funding also allows Snapt to keep its operations in South Africa instead of moving everything over to the US, something a number of technology startup increasingly feel they’re forded to do.
The funding, Blakey says, is also significant “because it shows that South Africa not only incubates smart start-ups, but also has the capacity and vision to grow them into global competitors”.
Snapt also plans on attending this year’s Rise startup conference in Hong Kong, where it will be offering its software to any other startups in attendance for free.