SNAPnSAVE gets R14m investment from Kalon Venture Partners, Smollan

SA venture capital company Kalon Venture Partners and retail solutions company the Smollan Group SA have together invested R14-million for a minority stake in SA shopping community SnapnSave.

SnapnSave’s app facilitates discounts for shoppers on their favourite products, wherever they shop, just by snapping a photo of their till slip. SnapnSave CEO Mark Bradshaw said in just over 18 months, SnapnSave has given SA shoppers over R3.5-million cash back into their bank accounts and is about to reach 200 000 app installs.

Bradshaw, who has taken a few days off from work following the conclusion of the deal, said the funding would help to fund a 12-month plan to grow the app’s downloads to 500 000 in South Africa. The funding injection will also help the two-year old startup to enter three Asian and African regional markets, which Bradshaw. Based in their existing use of coupons and on mobile phone penetration, the startup has identified these as Singapore, Malaysia and Vietnam, as well as Nigeria, Kenya and a North African country. The idea is to grow the app on the back of Smollan’s network which is present in more than 50 countries and provide services to over 500 000 retailers. “Our till slip technology means shoppers can get cashback wherever they shop simply by taking a till slip selfie. The tech is all enabled without any till point integration that as a result means the product can easily scale into markets without any barriers,” said Bradshaw.

Tomas Martunas, Managing Partner at Goldfish Fund said; “We are happy to welcome such experienced investors on board and are excited about the future growth possibilities of SNAPnSAVE globally.”