Johannesburg-based data automation tech startup Synatic has secured $1-million in a seed funding round led by UW Ventures with participation from Allan Gray and E Squared.
Synatic has secured $1-million in funding
No ad to show here.
According to reports, the funding will be used to expand the tech startup’s customer base in the United States and to further develop its low-code data platform.
Harry Apostoleris, director of UW Ventures provides insight into their investment into the local tech startup.
“Synatic have built a world-class product that sits at the intersection of a large and rapidly growing SaaS market, the proliferation of the API economy, and drive-by businesses to unlock value from and monetise their data. We were attracted to Martin’s compelling product vision and the early validation from partners and customers, and we believe the business is well-positioned to become an enduring company,” explains Apostoleris.
Synatic
Founded in 2017, Synatic aims to assist enterprises in building their business through its innovative and simple data platform.
Bootstrapped to date, the tech startup now reportedly has over 40 clients across Africa, Australia, and the US. The majority of its enterprise client base is financial service companies such as Tokio Marine, Community Bank, and EasyEquities.
According to a report issued the startup was founded to easily integrate systems such as AS400 and DB2 into modern cloud services like Salesforce, HubSpot, and Acumatica.
Martin Naude, CEO of Synatic explains that he had always wanted to build an international software company with South African roots.
“We believe there is a wealth of talent and experience in SA, which offers us a great opportunity to build world-class products. We have found product-market-fit and required capital to expand the team, deepen our tech and grow our US customer base,” says Naude.
Read more: SA fintech group secures $15-million in funding
Read more: Cape Town-based fintech secures $4-million
Featured image: Martin Naude, CEO of Synatic (Supplied)
