South African venture capital (VC) firm HAVAIC Limited Partners has invested in Digital Cabinet, to help the cloud solutions and digital technology start-up continue on its growth path in SA and expand internationally.
HAVAIC, the VC arm of HAVAIC Holdings SA, invests in early stage South African and African businesses that take advantage of globally competitive home-grown skill sets with potential to scale internationally.
The undisclosed amount, which is over the R1 million mark, was provided by way of a convertible note instrument. It will assist Digital Cabinet, a Web-based document management and workflow service provider, to expand its offering to new customers, both in SA and internationally, says the company.
The start-up provides companies with the necessary tools to digitise their business. Its core platform allows for document storage in the cloud, with features such as scan-to-cloud and barcode scanning.
The organisation says it has also developed reporting and business intelligence tools which allow users to generate their own reports on files, documents, notes and meta data captured in the system.
Daniel Kritzas, CEO of Digital Cabinet, says although the start-up has been operating for about five years and has matured, it required further capital to expand with both new products and consolidate 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.
"The funds provided by HAVAIC will allow us to capture new markets, boost our development capability, infrastructure and broaden our online marketing initiatives to increase revenue," notes Kritzas.
Ian Lessem, CEO of HAVAIC, says the company is proud to have invested in Digital Cabinet.
"Not only is it a strategic use of capital and resources, but investing in Digital Cabinet is a unique opportunity to work with a rising star in the tech world that is in the process of leveraging its home-grown resources and IP in the global cloud solutions and digital communications and storage arena."
Lessem says in addition to providing growth funding, HAVAIC has a team of industry specialists who add value on a day-to-day and strategic basis for all its investments and management teams.
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