Synatic, a data automation software startup based in Johannesburg, has raised $1 million in a seed funding round led by UW Ventures and including Allan Gray and E Squared.
According to reports, the funds will be used to develop the tech startup’s customer base in the United States and to improve its low-code data platform.
Synatic, which was established in 2017, aims to help companies grow by offering a creative and user-friendly data platform.
The tech startup, which is still bootstrapped, claims to have over 40 clients in Africa, Australia, and the United States.
Financial service companies including Tokio Marine, Community Bank, and EasyEquities make up the bulk of its business customers.
Synatic’s CEO, Martin Naude, says he’s always wanted to create a global tech business with South African roots.
“We agree that South Africa has a wealth of talent and experience, providing us with a fantastic opportunity to produce world-class goods.
“We found product-market fit and needed capital to develop our team, deepen our technology, and extend our US customer base,” Naude says.
UW Ventures director Harry Apostoleris addresses the firm’s investment in a local tech startup.
“Synatic has created a world-class product that sits at the crossroads of a massive and rapidly rising SaaS market, the growth of the API economy, and the desire of drive-by businesses to extract value and monetise their data.
Martin’s compelling product vision and early validation from investors and consumers drew us in, and we believe the company is well-positioned to become a long-term success,” Apostoleris says.
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