SA start-up Snapt scores $1 million in funding

South African technology company, Snapt, says it has received $1 million (R15.7 million) in funding from private equity and venture capital firm, Convergence Partners.

Snapt is a global provider of high-end virtualized and cloud-based load balancing, web acceleration and security software.

Since its launch in 2012, the company has built a client base of 10,000 customers stretching across 50 countries, while achieving year-on-year growth of 400% in both 2014 and 2015.

Snapt has also recently opened its first US offices in Atlanta. As part of its expansion in the US, Snapt said it aims to capture a 1% share of the $6.5 billion application delivery software market within the next three years.

“South Africa has the potential to be a key player in global technology innovations. Snapt’s success is proof that South African technology can lead the way for bright start-ups to disrupt the marketplace in South Africa, the US and globally,” said Dave Blakey, CEO of Snapt.

Andile Ngcaba, chairman of Convergence Partners, said: “Load balancing in the network infrastructure and server environment is what differentiates successful companies in the digital domain – and Snapt’s technology solutions give its customers this competitive edge. We are proud to be supporting a leading global tech player like Snapt.”

Snapt offers a start-up package at $55 per month, which includes 24/7/365 service availability and an average response time of three minutes.

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SA start-up Snapt scores $1 million in funding