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Update 22-11-2016: additional quotes and information.
The amount will be used to expand the startup’s reach both locally and internationally.
The startup enables agencies and brands to receive early-stage feedback on a variety of ideas from a network of independent specialists.
“Entering the funding phase is exciting because it means we can go to market faster and start international expansion,” says the co-founder of delvv.io, Trevor Wolfe, in a press release to Ventureburn.
Wolfe goes on to explain that trying to raise funding from international VCs was an easier experience.
“It is also frustrating as most venture capital funders in South Africa prefer mature and steady businesses while investing at an early-stage valuation.
“Throughout the initial discovery process, HAVAIC was the most ‘founder-friendly’. We wanted investors that would genuinely back our team, vision and product while bringing more to the table than just capital,” adds Wolfe.
“Most of our conversations with the other funds felt like we were negotiating with private equity firms, mostly chatting about financials, dividends and valuation. HAVAIC seemed to have a different approach from the onset and placed an equal emphasis on market potential, team, vision and product.”
He goes to to say thay HAVAIC were the only VCs that actually wanted to see a demo of delvv.io’s product.
“Although HAVAIC are locally based, they went along way to understand our potential and likelihood of international expansion. They called our customers and were incredibly the only ones that asked for a product demo.”
The CEO of HAVAIC, Ian Lessem, explains why they invested in delvv.io.
“We identify scalable early-stage businesses like delvv.io that have international potential — something that isn’t perceptible just by scrutinising a balance sheet.”
“Enthusiastic management, consistent delivery, servicing globally-relevant markets, as well as a culture that attracts the best talent, are the hallmarks of a startup that will result in funding becoming a smart investment.”
Ventureburn asked Wolfe about the future and how delvv.io will be expanding, to which he replied: “We will be debuting a new platform at the Startup World Cup Finals in San Fran in March that will put our business model on a more scalable path.”
“It will allow us to service clients on all continents from day 1 without needing extensive physical presence in those markets. ”
Delvv.io was a finalist in the 2016 FNB Business Innovation Awards.
It also took first place at the Ventureburn Pitching Den at the 2016 Innovation Summit and will go on to competed for a $US1-million investment prize at the Startup World Cup in Silicon Valley.