South African e-book company Snapplify has drawn investment from former FNB CEO Michael Jordaan.
Through AngelHub Ventures, Jordaan has invested an undisclosed amount into the company, calling its services a “win-win business model”.
After leaving FNB at the end of 2013, Jordaan set up his own investment vehicle, MonteGray Capital, which focuses on investments in disruptive technologies and disruptive business models.
Jordaan joined angel seed fund, AngelHub Ventures in February last year.
Snapplify has signed some of Africa’s largest publishers to its services and provides e-book products to both the trade and academic industry.
Some global publishers have already signed with Snapplify include Penguin, Random House, Pearson, Oxford and Cambridge.
“Snapplify can grow electronic distribution massively while protecting digital rights and ensuring that there are incentives for the creation of intellectual property,” Jordaan said.
The funds will be used to expand the product and team across multiple countries and acquire new users in this rapidly developing market.
“Challenges such as textbook delivery problems, lack of internet infrastructure and other barriers can easily be resolved by a digital solution. These are the pressing problems that our team want to solve,” Snapplify CEO, Wesley Lynch said.