South African cloud storage startup Digital Cabinet has secured a ZAR5 million (US$355,000) equity funding round, with plans to step-up marketing efforts and expand its team.
Digital Cabinet offers companies cloud-based paperless document and workflow management solutions. Disrupt Africa reported in July the startup mandated investment and advisory firm HAVAÍC to undertake a ZAR5 million (US$355,000) capital raise.
With the round now fully subscribed, HAVAÍC itself led the round alongside Growth Grid Venture Capital Partners, and included a consortium of individuals.
Digital Cabinet said it plans to use the funds to hire more staff with a view to further product development, as well as undertaking a concerted marketing push to create product and brand awareness.
“The company’s ability to increase staff capacity will drive additional product development which promises to result in Digital Cabinet establishing itself as a leader in document and workflow management,” says Asaf Ben-Nathan, chief technology officer (CTO) of Digital Cabinet.
“Increased focus on marketing and brand awareness will draw increased attention to the company and its existing range of product solutions. Heightened awareness will lead to increased enquiries from companies wishing to take advantage of Digital Cabinet’s innovations and so improve their internal processes,” the startup’s chief executive officer (CEO), Daniel Kritzas, says.
