South African-based venture capital firm Vunani Capital announced on Wednesday it has invested in e-commerce player SnapnSave.
The venture capital, which invested through the Vunani Fintech Fund, did not disclose the investment amount and valuation.
SnapnSave is South Africa’s #1 cashback grocery coupon app that gives shoppers cashback on their favourite products, wherever and whenever they shop, just by snapping a photo of their till slip.
The investment by Vunani Capital, a prominent pan-African diversified financial services group, will be used to further grow and scale the shopper and vendor base of SnapnSave to further enhance the company’s position as South Africa’s leading grocery coupon cashback app.
SnapnSave, which has shown exceptional growth since its inception in 2015, disrupts the loyalty and rewards market with a digital solution that offers cash back rewards to both shoppers and independent vendors wherever they shop while allowing brands to promote and gain further insights into shopper’s behaviour in both the formal and informal retail markets.
SnapnSave has achieved tremendous organic growth surpassing 350 000 users with a 500% lift in activity since year one. The result of this success has meant that over 1.5million till slips have been submitted to the platform and over R14 million in cash rewards has been given back into South African consumers’ pockets.
Vunani’s Executive Director, Mark Anderson, stated: “Vunani Capital, through the Vunani Fintech Fund, is delighted to acquire an equity interest in SnapnSave. This investment offers Vunani exposure to a new wave of fintech businesses that are using digital platforms to bring benefits to ordinary consumers. SnapnSave is our first fintech investment. We are expecting to enter into more transactions in the fintech space as we diversify our financial services offering.”
Anderson concluded: “We have confidently invested in South Africa’s #1 cashback rewards app. as we believe SnapnSave has shown exceptional ability to disrupt the loyalty market and we look forward to seeing SnapnSave accelerate further under the leadership of Mark Bradshaw and Tina Fisher.”
This investment round follows on from the previous round which was led by Kalon Venture Partners and the Smollan Group. Clive Butkow, the CEO of Kalon Venture Partners, a Johannesburg based Venture Capital Company, said: “It is great to have a reputable company like Vunani Join the team to help scale the business into Africa and globally.”