South African VC firm Knife Capital has made its first overseas investment by participating in a ZAR22 million (US$1.55 million) funding round in Stockholm-based Mobile and Sensory Technology (MOST).
The Cape Town-based Knife Capital is investing alongside some of Europe’s most successful new age entrepreneurs – the founders of the British and Swedish games studio King Digital Entertainment, the creator of global sensation Candy Crush.
The investment was facilitated through Knife’s new London office by director Bob Skinstad, who will join MOST’s board alongside King Digital co-founder Lars Markgren.
As a hardware and software startup, MOST focuses on innovations that can be applied to the rapidly expanding exploding Internet of Things (IoT) sector.
Its breakthrough product is a sensor which monitors and transmits real time information on humidity, light, positioning, shock and temperature within containers used to transport sensitive products.
MOST will invest the fresh capital into further global expansion, including penetrating the South African market.
“We are excited to partner with an accomplished team and credible co-investors in this technology-rich IoT startup that already has a proven product. Knife Capital will assist MOST in expanding into key markets where we already have strong networks,” Skinstad said.