Snapt, a South African technology company, has announced it has raised US$1 million from Convergence Partners, an investment management firm focused on the TMT (telecommunications, media and technology) sector in Africa.
The startup will use the funds to grow and expand further, aiming to capture a 1 percent share of the US$6.5 billion application delivery software market in the US, where it recently launched an office, within the next three years.
“South Africa has the potential to be a key player in global technology innovations. Snapt’s success is proof that South African technology can lead the way for bright start-ups to disrupt the marketplace in South Africa, the US and globally,” said Dave Blakey, CEO of Snapt.
Snapt is a global provider of high-end virtualized and cloud-based load balancing, web acceleration and security software. It has been disrupting the market since its launch in 2012 and has achieved astonishing year-on-year growth of 400% in both 2014 and 2015.
The tech startup offers a start-up package at US$55 per month, which includes 24/7/365 service availability and an average response time of three minutes, demonstrating that service excellence and responsiveness are at the heart of the business.
Snapt has built a client base of 10,000 customers – some of which are NASA, Intel and euroVPS – stretching across 50 countries.
Chairman of Convergence Partners, Andile Ngcaba said, “Load balancing in the network infrastructure and server environment is what differentiates successful companies in the digital domain – and Snapt’s technology solutions give its customers this competitive edge. We are proud to be supporting a leading global tech player like Snapt.”
The globally recognized startup is set to receive further global acclaim as it heads to RISE 2016 in Hong Kong. The conference will bring together delegates from the world’s biggest companies and most exciting startups to network and share their experiences.
At the conference, Snapt will be offering startups free access to its entry-level product suite.
“We are excited to attend RISE this year to see what trends and innovations are in the pipeline,” adds Blakey.