Maholla a South African rewards startup raises $1.5 million in seed funding

Maholla, a consumer rewards program that has gone viral in South Africa, has just closed a US$1.5 million seed funding round.

In 2022, the company completed a pre-seed funding round that brought in a total of $580,000 USD, and it has now completed a seed funding round that brought in $1,500,000 USD, bringing its total funding to date to over $2,000,000 USD.

Galloprovincialis, Praesidium Capital Management, Castleton Capital, and the Buffet Group are among the investors. 

Regardless of where they spend, users may earn incentives using the popular consumer app Maholla by scanning any receipt from any store. Instant airtime, 1Vouchers, in-app games, and other incentives are available as rewards. 

Jed da Silva, co-founder and head of product at Maholla, stated that “Our company is on route to tracking as many purchases as a top five retailer in South Africa”.

Popular brands already taking advantage of Maholla’s dataset and targeting capabilities include Mr. Sheen, Maggi, Milo, Ricoffy, Nola, Rama, Hungry Lion, Fusion, Switch Energy, and Nola.

With this funding, Maholla plans to expand its rewards program to millions of customers and widen its technical competitive advantage.

Read more on Tech Gist Africa:

Paymenow, a South African startup that provides access to earned wages, receives a $14 million debt facility

Peach Payments, a fintech start-up in South Africa, has raised $31 million in a Series A round of funding

TROOP raises $11 million  in Series B funding for expansion in South Africa