SA startup Giraffe announced today that it has closed a second funding round, with a lead investor participating in the round revealing that its own share of the contribution was valued at “between R10-million and R20-million”.
In a press release today the startup, which runs a web platform that matches job seekers with job placements, said it had closed a second round of equity funding, led by Edge Growth’s Vumela Fund with participation from Omidyar Network, Catapult Trust and the Nando co-founder Robbie Brozin’s family office Forever Young Capital.
While the startup’s founder and CEO Anish Shivdasani would not reveal the details of the deal, when pressed for comment Edge Growth’s investment head Janice Johnston said the value of Edge Growth’s contribution was between R10-million and R20-million.
The funding will enable the business to scale, cover ongoing development of the platform — which handles the recruitment of semi-skilled workers such as security guards, shop assistants and call-centre agents on behalf of client companies — expand its sales staff and take on more corporate clients, Johnston said.
Funding round was valued at between R10-million and R20-million concedes Edge Growth investment head
She said job creation would play an important role in Vumela Fund’s commitment — 50% of which is made up of the Treasury’s Jobs Fund. The fund would be required to report back to the Treasury on the number of jobs that have been facilitated through the platform — which Johnston said is targeted at 800 jobs over three years.
The second funding round comes exactly two years after Giraffe raised seed investment from Omidyar Network, the Silicon Valley venture fund established by eBay founder Pierre Omidyar. In 2016 Giraffe won a $500 000 investment prize from the Seedstars World Summit.