South African cloud storage startup Digital Cabinet has raised funding from HAVAIC Limited Partners to help it scale in South Africa and internationally.
Launched five years ago, Digital Cabinet is a cloud solutions and digital post technology company, which has until now been focused on small and medium enterprises.
It has now raised funding – by way of a convertible note instrument – from HAVAIC Limited Partners, the VC arm of HAVAIC Holdings South Africa, to help it on its growth path.
HAVAIC invests in early-stage African businesses that take advantage of globally competitive home-grown skill sets with potential to scale internationally, providing capital as well as expertise.
Digital Cabinet chief executive officer (CEO) Daniel Kritzas said the startup had seen its business mature, and the need for further capital had arisen for it to both expand with new products and consolidate its existing offerings.
“Historically, our business focused on small and medium enterprises who required our cloud storage solutions. Of late, we are also targeting large corporations with our document and forms management solutions and our newly launched digital document delivery offering,” he said.
“We have been working with HAVAIC for several months and look forward to their ongoing input and value-add to our business. The funds provided by HAVAIC will allow us to capture new markets, boost our development capability and infrastructure and broaden our online marketing initiatives to increase revenue.”
HAVAIC CEO Ian Lessem said his company was proud to have invested in Digital Cabinet, as it was a strategic use of capital and resources.
“It is a unique opportunity to work with a rising star in the tech world that is in the process of leveraging its home grown market leading resources and IP in the global cloud solutions and digital communications and storage arena,” he said.