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VC4Africa member and emerging markets payments innovator Nomanini today received additional funding from South Africa’s tech venture capital fund Industrial Development Corporation (IDC) to enable its expansion into international markets. Nomanini has been granted ZAR 4.8 million (USD 450.000) which will enable it to scale operations internationally, streamline its fulfilment process and recruit the talent needed to keep up with its growth.
Nomanini is a South African-based technology solutions provider dedicated to building the tools needed to facilitate cash payments in informal markets. Nomanini has signed partnerships in Kenya, Nigeria, Zambia and Mozambique with active terminals processing close to one million transactions in those regions to date. Nomanini partners with local enterprises in each market to create a locally relevant product on the company’s prepaid platform.
In 2012 Nomanini raised their series-A funding from VC4Africa listed and Netherlands based eVentures Africa Fund (eVA Fund), and Esther Dyson. In February 2014 they secured their series-B funding from Seychelles based investment company Rockbridge Investments Limited.
Nomanini CEO Monadjem encourages more entrepreneurs in South Africa to utilise the IDC’s services: “Our experience with IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors. The representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful.”
The IDC’s Technology Venture Capital Fund provides equity or debt funding to emerging technology-focused businesses. The objective of this fund is to enable the commercialisation of technology-rich South African intellectual property into market-ready products.