The Johannesburg start-up has made South African history by collecting the single largest crowdfunded donations in just 72 hours!
Johannesburg, South Africa – South Africa’s emergent regtech player Intergreatme has raised over R27-million – R3-million over its original target – in just 72 hours. This follows the launch last Tuesday of its public equity drive via Uprise Africa’s crowdfunding platform.
Majority of the initial 120 individual investments were Black South African women. Their investment means that close to half of Intergreatme’s shareholding is in the hands of Black South African women, positioning the business as a Level One BBEEE contributor.
“In our flagging South African economy, the raise is particularly significant, and proves that crowd funding is a viable platform to raise equity funding for a sound business as well as a vehicle for individual wealth creation,” says an ecstatic Luke Warner, cofounder of Intergreatme.
According to Warner, despite exceeding their original raise target of R24-million, there is still keen interest from the public in the investment opportunity.
“Pledges continue to pour in,” he says.
The Intergreatme raise allows individuals with a minimum of R1000 and a maximum R5-million, to invest in the business, which Warner argues, rivals the best in global regulatory technology.
Warner is especially proud of the fact that the technology driving both Intergreatme’s identity mobile apps and web-based services, as well as Uprise Africa’s crowdfunding platform, are wholly developed in South Africa by South Africans.
Vision of no more forms
Intergreatme has the vision to craft a world where consumers never fill out a form again.
“The frustration of constantly having to fill out forms and carry personal documentation, is a daily issue facing over 25-million credit active South Africans,” says Warner.
“We have addressed this by developing an award-winning web and mobile app platform, which transforms onboarding for businesses and digitises individual citizen’s personal information. We now have the requisite capital take our business to the next level, and to benefit our people in the process,” he adds.
Intergreatme will use the funds raised to create a self-service platform for all size of businesses while adding additional features and functionality to the Intergreatme app. These include a digital affidavit, trusted connections, QR information sharing, digital ID and drivers’ licenses.
Their self-service platform will drive a steady flow of businesses to sign up by themselves, allowing the core operation team to focus on larger potential partners with longer procurement cycles and much larger customer bases. Already the business has signed up several local banks and telco’s to manage their RICA and FICA processes.
Integreatme also plans to expand its operations beyond South Africa, through its partnerships, to reach the estimated five billion credit, active citizens, globally.
“This crowdfunding campaign for Intergreatme is a historic moment, and one which we hope will fundamentally change the current funding landscape in South Africa,” said Tabz Qadir, CEO of Uprise Africa, at the time of the launch.
Warner and his team hope that the crowdfunding initiative via Uprise Africa will pave the way for smaller startups to seek funding and validation by ordinary people as well.
More information on the Intergreatme crowdfunding pitch: https://uprise.africa/view_pitch/intergreatme