UW Ventures in South African tech deal
Automation data automation company Synatic has raised seed funding from UW Ventures in partnership with Allan Gray and E Squared to deepen its low-code data platform and expand its customer base across the USA.
Bootstrapped to date, Synatic’s mission is to help enterprises build their business faster through its powerful, but simple data platform.
Synatic now has over 40 enterprise customers across Africa, Australia and the USA, with a focus on financial services companies, including Tokio Marine, Community Bank and EasyEquities.
Synatic CEO Martin Naude says the business was initially founded to make legacy systems like AS400 and DB2 easily integrate into modern cloud services like Salesforce, HubSpot and Acumatica.
The start-up soon realised that existing data integration providers were themselves slow and inflexible, and the opportunity was much larger to create a powerful, but simple SaaS data automation platform for enterprises.
“With Synatic, enterprises now have more time and resources to rapidly innovate by leveraging all their data, processes and systems incrementally,” he adds.
“Synatic has built a world-class product that sits at the intersection of a large and rapidly growing SaaS market, the proliferation of the API economy and a drive by businesses to unlock value from and monetise their data,” says UW Ventures director Harry Apostoleris.
“We were attracted to Martin’s compelling product vision and the early validation from partners and customers, and we believe the business is well positioned to become an enduring company,” explains Apostoleris.
Naude, who previously exited start-up Encentivize, says that he always wanted to build an international software company with South African roots.
“We believe there is a wealth of talent and experience in SA, which offers us a great opportunity to build world-class products. We have found product-market-fit and required capital to expand the team, deepen our tech and grow our US customer base,” says Naude.
According to Apostoleris, UW Ventures is enthusiastic to be investing in software technology built by local engineers.
“We’re privileged to have UW Ventures and their partners Allan Gray and E Squared as our first investors. They really get our vision to make powerful data automation simpler. We look forward to having them on board, not only as investors but as advisors,” Naude concludes.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.