Local technology start-up, Snapt, has secured US$1-million(R 15.8-million) in funding from investment firm, Convergence Partners.
Dave Blakey, CEO of Snapt, says that the backing by Convergence Partners is more than a vote of confidence in Snapt’s potential, it shows the potential for the South African technology sector to become an international competitor.
“This funding is enormously important in Snapt’s bid to become a major player in the USD 6.5 billion US market for application delivery software. It’s 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,” Blakey says. “Start-ups need capital to expand, and all too often, success means moving the company away from South Africa to access capital markets. The investment by Convergence Partners allows us to pursue our global ambitions while remaining proudly South African.”
Snapt provides high-end virtualized and cloud-based load balancing, web acceleration and security software. This software is essential in helping businesses keep their web-based applications secure and running optimally – a key factor in delivering the excellent customer service that drives competitive advantage in today’s global markets. The company has been disrupting the market since its launch in 2012 and achieved astonishing year-on- year growth of 400% in both 2014 and 2015. Since its launch in 2012, Snapt has built a client base of 10 000 customers stretching across 50 countries. It recently opened its first US offices in Atlanta.
Commenting on the deal, Andile Ngcaba, Chairman of Convergence Partners, says, “Load balancing in the network infrastructure and server environment is what differentiates successful companies in the digital domain – and Snapt’s technology solutions give its customers this competitive edge. We are proud to be supporting a leading global tech player like Snapt.”
Blakey’s commitment to enabling start-ups extends beyond the technology sector: “Start-up businesses may be small, but their needs are not.” He adds that “just 10 minutes of downtime can be damaging to any business that relies on its web footprint to accelerate its growth, especially in the e-commerce space. We wanted to provide a high-performance solution to these companies to enable their growth, at a price that disrupts the market.” Snapt offers a start-up package at US$55 per month, which includes 24/7/365 service availability and an average response time of three minutes, demonstrating that service excellence and responsiveness are at the heart of the business.
Snapt will be adding to its international status by participating in this year’s RISE conference in Hong Kong, where delegates from the world’s biggest companies and most exciting start-ups will come together to network and share their experience. At the conference, Snapt will be offering start-ups free access to its entry-level product suite.
“We are excited to attend RISE this year to see what trends and innovations are in the pipeline, ensuring that we are at the forefront of innovation and offer best practice globally,” concludes Blakey.