South Africa’s SnapnSave Gets A $1,1 Million Investment Fund
Recentlty Rebranded Kalon Ventures and Smollan Group SA have shared the spoils and funded South Africa’s mobile coupons startup SnapnSave with $1,1 million (R14 million) investment. The funding will help SnapnSave grow its app downloads to a minimum of 500,000 in South Africa within a year. Added to that the startup is looking to expand into Asia and the rest of Africa.
“Mobile-based coupons are part of the daily shopping habits of Europeans and Americans. Now we’re seeing this trend emerge in South Africa with over 15% of SA smartphone owners already having used a digital coupon. Consumers love saving money and with the state of the economy they are looking at ways to put real cash back into their own pockets,” said Mark Bradshaw, CEO at SnapnSave.
The investment forms part of Kalons’ strategy to position itself as the preeminent venture capital company in Africa, investing in disruptive digital technologies solving African problems. This acquisition strengthens Kalon’s commitment to investing in South African entrepreneurs who are disrupting various industries.
“Our till slip technology means shoppers can get cash back wherever they shop simply by taking a till slip selfie. The tech is all enabled without any till point integration that as a result means the product can easily scale into markets without any barriers,” concluded Bradshaw.
