Kalon Venture Partners, formerly Grotech, and Smollan Group, an international retail solutions business, have acquired a minority stake in coupon app SnapnSave, each investing R7 million into the startup.
SnapnSave, founded by Mark Bradshaw, is a cashback coupon app that gives shoppers money back on their favourite products by snapping a photo of their till slip.
The retail app claims to have rewarded local shoppers with over R3.5 million cash back into their bank accounts over the past 18 months, and is set to reach 200,000 app installs.
It aims to use the funding to grow the app downloads to 500,000 in South Africa within a year and will support entry into Asian and African regional markets: Singapore, Malaysia and Vietnam, as well as Nigeria, Kenya and a North African country.
SnapnSave will enter these markets via Smollan’s network which is present in more than fifty countries and provide services to over 500,000 retailers.
“Our till slip technology means shoppers can get cashback wherever they shop simply by taking a till slip selfie. The tech is all enabled without any till point integration that as a result means the product can easily scale into markets without any barriers,” said CEO, Mark Bradshaw.
Kalon CEO, Clive Butkow, said: “We are excited about the investment and its growth opportunities locally, into Africa and globally.”
Kalon said its fund has raised R90 million to date and aims to raise a further R160 million by the end of February 2018. The latest investment announcement comes at the same time as Kalons’ next capital raising round, which opens in early August and closes on 30 September 2017.