Digital Cabinet targets R5 million in funding capital
African boutique investment and advisory firm HAVAIC says that it has been mandated to undertake a R5 million capital raise for Digital Cabinet.
This includes the conversion of the convertible loan, extended in July 2016, into equity, HAVAIC said.
Digital Cabinet offers companies cloud-based paperless document and workflow management solutions
“The capital raise is based on the company’s estimated valuation having doubled in the intervening period. Several of the convertible loan participants and all the HAVAIC principals have committed to subscribe for additional equity, the advisory firm said.
The proceeds of the capital raise will be used by Digital Cabinet to increase its staff capacity, undertake a concerted marketing exercise with the objective of creating product and brand awareness, implementing further product development and improving operational efficiencies.
Read: SA tech startup closes R6.5 million funding round
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