CEO of the startup, Andre Hugo confirmed the report in a statement and further said the startup was in the process of selling its assets to interested parties.
“We are in the process of meeting with a number of interested parties currently. If we are successful the business will be restructured. If not the business will be closed,” he said at the time.
The startup has now been sold to new owners with Andre Hugo and his co-founder exiting the company.
“The journey has been incredible from working in my study at home, to presenting in Frankfurt at Mobicon, to VC meetings in Amsterdam, San Francisco and New York,” he said.
He added, “But our journey has come to an end, last week we successfully concluded the sale and our exit from M4JAM.”
The new owners, who are unknown at the moment, are expected to continue to grow the startup.
“We wish the new owners the best of luck with the business and know that they will continue grow it as part of their overall strategy,” Andre concluded.
M4JAM was launched two years ago by Warren Venter and Andre Hugo. The platform connects brands who want to get jobs done to jobbers who are able to complete the jobs using their mobile devices in South Africa.
The startup was highly successful. It garnered a lot of users – over 70,000 users used the platform last year – and also received an undisclosed amount of funds in 2015 from WeChat Africa, a Naspers and Tencent joint-venture.
Over the last 18 months, M4JAM successfully created micro jobs for over 130k people in South Africa, changing a number of lives in the process.