South African startup Snapt, a provider of software-based load balancers and application delivery controllers (ADCs), has closed its doors after appearing to run out of funding.
Snapt, which was founded in South Africa in 2012, established an independent sales and marketing arm in the United States (US) in 2015 to cope with increasing demand.
In December 2018, the startup raised US$3 million in Series A funding to expand sales and marketing efforts globally, including expansion of its US presence and worldwide channel programme, in addition to key research and development initiatives.
However, the company has taken on no funding since, and now seems to have run out of runway. In a message to customers, it said it would be closing its doors, and offered support to help clients transition away from its services.
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“Over the past 12 months, Snapt has been in a growth phase of its business, driven by increased demand for our products from large enterprise customers,” the company said.
“Given recent unforeseen events, outside of our control, Snapt has been left with no option but to cease operations immediately, as we believe this is in the best interests of our staff and clients. We are extremely saddened by this, especially given the recent growth of the business, and grateful for all the amazing interactions we’ve had with our clients over the years.”
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Effective immediately, Snapt will no longer be selling its existing software licenses – Nova, NovaSense, and Aria. At the end of this month, it will shut down the Nova platform, and all Nova systems will cease to operate. Support services for Aria will also be stopped. Snapt said it would continue to support all its existing clients and platforms until then.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry