South African investment firm Invenfin has acquired a 20 per cent stake in social enterprise platform WyzeTalk, taking total investment into the startup well past the US$2 million mark.
WyzeTalk has more than 30,000 users, with its social enterprise products driving communication and collaboration within businesses, allowing enterprises to integrate WyzeTalk with their existing software systems and the likes of LinkedIn, Skype, Dropbox, Box, Microsoft, SAP and Oracle.
The startup has raised more than US$2 million in funding facilitated by Clifftop Colony since being founded in 2011, most notably in June last year when it received investment from Kenya-based Savannah Fund.
“Wyzetalk’s early successes in this market, innovative technology and strong team led by Gys, have impressed us,” Invenfin executive director Stuart Gast said.
“We are excited by this business’ potential in South Africa and other emerging markets. Invenfin looks forward to being a valuable partner in helping Wyzetalk achieve its objectives, whilst our investment will enable the business to scale more rapidly.”
WyzeTalk chief executive officer (CEO) Gys Kappers said the investment from Invenfin would give the startup additional benefits from the firm’s experience and networks.
“We welcome Invenfin as a new shareholder to the group. For Wyzetalk this means an important step towards institutional funding, thus now allowing us to scale up faster to establish ourselves as the premier social business solution for emerging markets,” said WyzeTalk chairman Oliver Drews.