South African e-book company Snapplify has drawn investment from former FNB CEO Michael Jordaan.<\/p>\n
Through AngelHub Ventures, Jordaan has invested an undisclosed amount into the company, calling its services a “win-win business model”.<\/p>\n
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.<\/p>\n
Jordaan joined angel seed fund, AngelHub Ventures in February last year.<\/p>\n
Snapplify has signed some of Africa\u2019s largest publishers to its services and provides e-book products to both the trade and academic industry.<\/p>\n
Some\u00a0 global publishers have already signed with Snapplify include Penguin, Random House, Pearson, Oxford and Cambridge.<\/p>\n
“Snapplify can grow electronic distribution massively while protecting digital rights and ensuring that there are incentives for the creation of intellectual property,” Jordaan said.<\/p>\n
The funds will be used to expand the product and team across multiple countries and acquire new users in this rapidly developing market.<\/p>\n
“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.<\/p>\n
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