South African based startup, Snapt has gotten $3-million from three local investors that took part in its early round. The investors include – Nedbank, Sanari Capital and Convergence Partners. At the same time, the startup is on the verge of recording a 1000% increase in revenue this financial year.
However, in the investment deal, they did not reveal the size of the equity that the investors will be taking.
The start-up was established in 2012 by Dave Blakey, it provides applications delivery controller solutions. It helps websites and apps with load balancing, as well as web acceleration and security that enable business-critical websites to stay online.
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According to the company, the new investment will be used to expand sales and marketing efforts globally, including expansion of its US presence and worldwide channel programme as well as key research and development initiatives.
The company’s founder, Blakey told Ventureburn that the company is on track to record revenue growth for the current financial year of 1000% over the previous financial. According to him, the growth follows 400% in the last financial year.
He also added that larger part of the funding would be used to hire staff in leadership roles in the company’s San Jose and Atlanta offices.
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