Uprise.Africa, the South African equity crowdfunding start-up has secured an undisclosed round of investment from Silicon Valley’s VC firm, Nexxus Ventures. Uprise.Africa aims to help innovative local businesses raise capital while gaining market validation.
According to the start-up, the investment secured from will not be disclosed, but it is based on a ZAR60 million (US$4.2 million) valuation of the company.
The investment will enable the start-up to launch new deals on its platform in the coming months; with Uprise and Nexxus to partner on identifying high-potential South African businesses seeking funding for expansion.
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“The Nexxus investment enables Uprise.Africa to test the commercial viability of our offering. Over the next few months, we will be releasing a variety of deals that will give everyday South Africans the chance to become shareholders in SME South Africa,” said Uprise.Africa chief executive officer (CEO), Tabassum Qadir.
“It is important that equity crowdfunding is available to South African business. This form of capital raising is especially attractive to businesses that have a history of engaging with their customers, but find that banks aren’t willing, or able to lend to them.”
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