Johannesburg - Technology investment firm Invenfin has decided to stick with Cape-based start-up Ad Dynamo by backing the firm in a second round of capital raising to fund its growth into international markets.
This was announced to Fin24 on Saturday by Ad Dynamo CEO and entrepreneur Sean Riley.
"I’m pleased that we have secured funding from the same VC (venture capital) fund that backed Ad Dynamo at its start-up stage, as Invenfin has been a great partner to Ad Dynamo. This next round of funding is significant and shows strong support and commitment on Invenfin’s part, and will enable the business to execute its strategic objectives over the next year," said Riley.
Invenfin, the innovation subsidiary of technology venture capital firm Venfin, took a 35% stake in Riley's pay-per-click and mobile advertising business in July 2009.
The announcement will come as good news for the sector, after Reinet Investments [JSE:REI] decided to pull its funding of promising start-up business FireID. The decision has created some jitters in the fragile South African venture capital sector.
Jannie Durand, Invenfin chairperson and chief investment officer of Remgro [JSE:REM], said: “Our group has a passion for investing into early stage innovation and intellectual property led by vibrant entrepreneurs, and I am pleased with how Invenfin is carrying out that mandate. Ad Dynamo fits that bill and Invenfin is pleased to have been asked to provide its next round of funding, as we’re excited by Sean’s plans for Ad Dynamo.”
Riley says that the new funding will be used to grow Ad Dynamo in key markets including Nigeria, Kenya, Egypt, Poland, Spain, UK, the Netherlands, Brazil, Columbia and Mexico.
According to the South African Start-up Index, which tracks early stage technology businesses in South Africa, Ad Dynamo is ranked 11th in the country behind the likes of MXit, Yola, Optimal Energy and ITWeb. This ranking, which looks at aspects such as media exposure, funding sources traction, activity and market buzz does not yet take into consideration the new financing.
Riley concludes: "2010 saw Ad Dynamo achieve some real progress, including the introduction of our mobile advertising platform and activation of seamless international trading. We are well positioned to develop Ad Dynamo into a globally recognised contextual advertising marketplace over the year ahead.”
- Fin24
This was announced to Fin24 on Saturday by Ad Dynamo CEO and entrepreneur Sean Riley.
"I’m pleased that we have secured funding from the same VC (venture capital) fund that backed Ad Dynamo at its start-up stage, as Invenfin has been a great partner to Ad Dynamo. This next round of funding is significant and shows strong support and commitment on Invenfin’s part, and will enable the business to execute its strategic objectives over the next year," said Riley.
Invenfin, the innovation subsidiary of technology venture capital firm Venfin, took a 35% stake in Riley's pay-per-click and mobile advertising business in July 2009.
The announcement will come as good news for the sector, after Reinet Investments [JSE:REI] decided to pull its funding of promising start-up business FireID. The decision has created some jitters in the fragile South African venture capital sector.
Jannie Durand, Invenfin chairperson and chief investment officer of Remgro [JSE:REM], said: “Our group has a passion for investing into early stage innovation and intellectual property led by vibrant entrepreneurs, and I am pleased with how Invenfin is carrying out that mandate. Ad Dynamo fits that bill and Invenfin is pleased to have been asked to provide its next round of funding, as we’re excited by Sean’s plans for Ad Dynamo.”
Riley says that the new funding will be used to grow Ad Dynamo in key markets including Nigeria, Kenya, Egypt, Poland, Spain, UK, the Netherlands, Brazil, Columbia and Mexico.
According to the South African Start-up Index, which tracks early stage technology businesses in South Africa, Ad Dynamo is ranked 11th in the country behind the likes of MXit, Yola, Optimal Energy and ITWeb. This ranking, which looks at aspects such as media exposure, funding sources traction, activity and market buzz does not yet take into consideration the new financing.
Riley concludes: "2010 saw Ad Dynamo achieve some real progress, including the introduction of our mobile advertising platform and activation of seamless international trading. We are well positioned to develop Ad Dynamo into a globally recognised contextual advertising marketplace over the year ahead.”
- Fin24