SA crypto exchange Ovex deal with Invictus Capital ‘was less than R10m’

SA cryptocurrency exchange Ovex revealed today that the seed investment it secured from Cayman Islands-based crypto asset management firm Invictus Capital was “less than R10-million”.

Ovex, which launched its crypto platform in March, claims to make it easier for South Africans to buy and sell over 18 digital assets using their Rands.

The startup was founded last year by CPO Tom Masojada, CEO Jonathan Ovadia and CTO Nikhar Ramchunder.

Ovex founder and CEO Jonathan Ovadia said the deal is ‘under R10-million’

When probed today on whether the deal was over or under R10-million, Ovadia (pictured above, far right) told Ventureburn that the investment, which was concluded earlier this month, was “under R10-million”.

“We’re unable to disclose the specifics of the deal as we are still in negotiations with other parties but we can tell you that the valuation was in excess of R10-million,” said Ovadia.

He added that the Invictus investment is “a very strong strategic partnership” given the depth of experience the asset management firm has in the crypto space.

Invictus, Ovadia explained, has custodial experience with over $160-million in crypto assets. This, he said, is a massive strategic advantage the startup now has (see Invictus Capital’s earlier announcement of the deal on a Medium post here).

Invictus Capital marketing and communications director Thomas van der Linde told Ventureburn in an email yesterday (30 May) that the firm had made the investment off the back of a deal Silicon Valley based SA entrepreneur Vinny Lingham had made in the startup last month.

Lingham invested an undisclosed sum in the startup through his VC firm Newtown Partners (see this story).

While Ovex’s latest deal may be small in value, it is a sure sign that things in the crypto investing sector are hotting up.

Read more: Vinny Lingham’s Newtown Partners invests in crypto exchange Ovex

Featured image, left to right: Ovex CPO Tom Masojada, Ovex CTO Nikhar Ramchunder, Invictus CEO and co-founder Daniel Schwartzkopff and Ovex CEO Jonathan Ovadia (Supplied)