South African start-up delvv.io will now be able to further develop its business in SA and abroad after it successfully concluded first-round funding to the tune of R6.5 million.
Launched less than a year ago, delvv.io is an online marketing platform that crowdsources feedback on advertising and marketing campaigns from a global panel of industry professionals.
A statement says the investment is led by African-focused investment and advisory firm HAVAIC, together with funding from UK-based investor Kevin Gaskell.
"We identify scalable early-stage businesses like delvv.io that have international potential - something that isn't perceptible just by scrutinising a balance sheet," says Ian Lessem, CEO of HAVAIC.
He adds: "Enthusiastic management, consistent delivery, servicing globally-relevant markets, as well as a culture that attracts the best talent, are the hallmarks of a start-up that will result in funding becoming a smart investment."
Delvv.io co-founder Trevor Wolfe says new start-ups with global aspirations require some kind of cash injection.
Commenting on the venture capital process in SA, Wolfe says: "Entering the funding phase is exciting because it means we can go-to-market faster and start international expansion. It is also frustrating as most venture capital funders in SA prefer mature and steady businesses while investing at an early-stage valuation.
"Throughout the initial discovery process, HAVAIC was the most 'founder-friendly'. We wanted investors that would genuinely back our team, vision and product while bringing more to the table than just capital."
The local marketing start-up is expected to compete in Silicon Valley's World Cup Tech Challenge in 2017, for a $1 million investment prize.
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