South African software startup Snapt has raised US$1 million in funding from Convergence Partners to aid its further expansion, with the company having already built a client base of 10,000 customers across 50 countries.
Snapt, which was founded in South Africa in 2012 and is a provider of software-based load balancers and application delivery controllers (ADCs), established an independent sales and marketing arm in the United States (US) last year to cope with increasing demand.
The company achieved year-on-year growth of 400 per cent in each of the last two years, and is aiming to capture a one per cent share of the US$6.5 billion application delivery software market within the next three years with the help of the investment.
“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 startups to disrupt the marketplace in South Africa, the US and globally,” said Snapt chief executive officer (CEO) Dave Blakey.
Andile Ngcaba, chairman of Convergence Partners, said his company was proud to be supporting the company in its growth.
“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,” he said.
Snapt will be adding to its international status by participating in this year’s RISE conference in Hong Kong, with Blakey saying enabling startups to scale was a key focus for Blakey.
“Startup businesses may be small, but their needs are not,” he said. “Just 10 minutes of downtime can be damaging to any business that relies on its web footprint to accelerate its growth, especially in the e-commerce space. We wanted to provide a high-performance solution to these companies to enable their growth, at a price that disrupts the market.”
Snapt offers a startup package at US$55 per month, which includes full-time service availability and an average response time of three minutes.