Joining the league of African entertainment startups to secure funding is South Africa-based animation, gaming and AR/VR startup Sea Monster. The startup has raised US$1 million in funding from FirstRand’s Vumela Fund, managed by leading SME venture fund manager Edge Growth.
“Towards the middle of 2019, we finally felt that we were ready to actively engage with investors to help us create products, and revenue share opportunities, in addition to building on our solid service relationships,” says Glenn Gillis, CEO. “We chose Edge Growth as our preferred VC partner because of their years of experience, a great reputation for fairness and strategic guidance, and because they bring impeccable empowerment credentials to the table. Despite the challenges with Covid-19, Edge never blinked, and we’re delighted that we were able to conclude the deal under the current circumstances.”
Here Is What You Need To Know
- With the new funding, the startup which will change the way corporate organisations tackle training and communication globally.
- Sea Monster’s creative digital products have solved communication, change management, staff engagement and learning challenges for some of the largest corporates in South Africa and around the
world. FNB, Capitec, Alexander Forbes, Old Mutual, the South African Reserve Bank, Shell and Mediclinic International are just a few of Sea Monster’s clients. - Edge Growth is a leading SME and Venture Fund Manager, specialising in developing small businesses and creating jobs and real transformation by connecting corporates and entrepreneurs, growing SMEs by addressing their key constraints: Access to finance, markets and skills.
Why The Investor Invested
“Sea Monster has proven that they are industry leaders in creating innovative digital solutions for corporate challenges which are more impactful and scalable than traditional solutions. We are impressed by the team’s skillsets and experience and by their deep passion to drive solutions that deliver both business and social outcomes. This aligns to our business objectives at Edge Growth,” says Nivesh Pather, Edge Growth Lead Deal Maker. “Through this investment and partnership, we fully expect Sea Monster to become a recognised global player in interactive experiences and solutions which change the way corporates engage their consumers and employees.”
The Vumela Fund was established in 2009 by FNB Business Banking and Edge Growth to help alleviate poverty in South Africa by creating jobs through supporting the growth of SMEs. Vumela has R388M under management, from FirstRand and the Jobs Fund, and to date has deployed R175M to 15 early-stage businesses, creating over 1000 permanent jobs, primarily for low to middle-income individuals.
A Look At What The Startup Does
Founded in 2011, Sea Monster creates engaging, memorable digital content and experiences using animation and games that drive business and social outcomes.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer