Synatic, a South African data automation business, has raised a US$2.5 million seed extension round of funding to expand its presence in the United States (US).
The firm, which was bootstrapped until it acquired cash in early 2021, has now raised an additional US$2.5 million in seed extension funding in a round headed by Allan Gray E-Squared Ventures and UW Ventures. Adansonia PE Opportunities VCC and the Endeavor Harvest Fund are also taking part.
The new money will be used by Synatic to increase its market presence in the United States in preparation for Series A funding in 2023. The firm has grown its customer base in South Africa by delivering big scale enterprise data integration and aggregation to companies like Easy Equities. It presently delivers data solutions to several corporations, like HCC Tokio Marine, a US-based insurance firm, as it expands its global market.
“Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space,” said Harry Apostoleris, co-founder of UW Ventures. “We expect Synatic’s hybrid approach to moving and managing data will continue to gain momentum as more enterprise organisations struggle with extracting and combining data trapped in scattered data lakes and repositories.”
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A Look At What The Startup Does
Synatic, which was founded in 2017, has created a low-code data automation platform that enables enterprises to iterate quickly and provides a quick time to value for businesses that need to accelerate innovation by leveraging multiple complex data systems.
“Synatic’s integration and automation platform is already gaining ground in multiple international markets,” said Martin Naude, founder and CEO of Synatic. “With this additional seed money, we can bring a new focus to the US market, expanding our sales and marketing programme and recruiting new reseller and developer partners.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh