South Africa's mobile coupons startup SnapnSave has received a $1,1 million (R14 million) investment. The equity funding was made Kalon Venture Partners and Smollan Group SA.

It is hoped 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 Afrika.

โ€œMobile-based coupons are part of the daily shopping habits of Europeans and Americans. Now weโ€™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,โ€ said Mark Bradshaw, CEO at SnapnSave.

The investment forms part of Kalonsโ€™ strategy to position itself as the preeminent venture capital company in Africa, investing in disruptive digital technologies solving African problems. This acquisition strengthens Kalonโ€™s commitment to investing in South African entrepreneurs who are disrupting various industries.

โ€œOur 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,โ€ concluded Bradshaw.

Share this via: