South African deals-based e-commerce startup SnapnSave has accessed a new tranche of ZAR7 million (US$490,000) in funding from VC firm Kalon Venture Partners and retail solutions company Smollan after hitting pre-designated growth targets.
It was reported last year SnapnSave, which gives shoppers cash back on their favourite products, wherever they shop, just by snapping a photo of their till slip, had secured ZAR14 million (US$980,000) in funding from Kalon and Smollan.
The second tranche of that investment has now been triggered after the startup hit growth targets, with each of the investors contributing ZAR3.5 million (US$245,000) to take their combined stake in SnapnSave to over 50 per cent.
Kalon chief executive officer (CEO) Clive Butkow said his company was excited about the “significant growth opportunities through various distribution channels” that are open to SnapnSave.
“It has seen close to 200 per cent growth since our investment, is close to break even and increased its number of users,” he said.