South Africa’s emergent regtech player Intergreatme raised over R32 million – R8-million over its original target of R24-million – in just 10 days. This follows the launch recently of its public equity drive via Uprise Africa’s crowdfunding platform.
Most of the initial 120 individual investors in the raise are Black South African women. Their investment means that close half of Intergreatme’s shareholding is in the hands of Black South African women, positioning the business as a Level One BBEEE contributor.
Intergreatme is an award winning Regtech Platform (Web and App), transforming on-boarding for businesses and digitizing personal information for every South African.
Upon hearing the news, Heavy Chef asked Intergreatme CEO Luke Warner how it feels, having set the record?
“We are overwhelmed with the response, and super ecstatic that so many people believed in us and our vision! More than the record-breaking win, we are more proud of the market validation brought in by the crowd.”
“Changing the world step by step is what drives us - purpose first, money second.”
“This achievement is allowing us to confidently build our #NeverFillOutAFormAgain platform. We will make it available to any business and start improving the lives of all South Africans by removing unnecessary friction in the everyday form filling experience. Changing the world step by step is what drives us - purpose first, money second.”
“We’re also excited to pave the way for future small businesses in South Africa to seek funding through untraditional means,” says Warner.
Warner and his dynamic team aim to use the funds raised primarily to create a self-service platform for any business to sign-up and use the platform instantly.
“We will also be adding features and functionality to the Intergreatme mobile software application,” says Warner. “These include trusted connections, digital affidavit, digital ID and driving licences.”
When asked what he thinks the secret to raising such a substantial amount is, Warner gave an insightful response. “It was the three years of traction we attained. It was the cumulative networks from all our achievements and personal relationships we built with every person from CEO’s of listed entities to my daily Uber drivers, security guards and SweepSouth Ladies.”
“We treat everyone equally. We have an extremely loyal active user base of over 20 000 users, active social media pages. Engaging our users who love us. They jumped at the opportunity to Invest. We also had an exceptionally successful launch, organised by Tshidi Martiens and Garyth Ditchfield with emotionally moving stories from each founder. You invest in people, not businesses.”
“We asked the users who love our service and they jumped at the opportunity to invest.”
Established in 2016 by three founders frustrated by the need to constantly have their private documents on hand to fill out mountains of paperwork. They are fast becoming South Africa’s go-to technology platform for small, medium and large businesses to consume verified personal information on demand. Consulting to various Telco’s, financial institutions, they are leaders in technological solutions and partners to some of the world’s most trusted source databases. Intergreatme is perfectly positioned to be the next “Apple” or “Google” of our time.
“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 Warner.
The Intergreatme raise allowed 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.
A vision of no more forms
Intergreatme has a 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 digitizes 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 a number of local banks and telco’s to manage their RICA and FICA processes.
Intergreatme 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.
Qadir terms her company as “the equity crowdfunding platform for South Africa. The platform facilitates the investment process, thereby ensuring it is a streamlined experience for the investor. Equity crowdfunding places the power back into the hands of the people by enabling multiple investors to support entrepreneurs through buying equity in their businesses. Entrepreneurs receive the financial support they need while engaging in market validation, and investors develop their investment portfolio hassle-free with Uprise.Africa managing all legal and compliance matters.”
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.
Click here for more information on the Intergreatme crowdfunding pitch.