- GoGetta has announced that the first businesses from outside of South Africa have joined its platform.
- Quiver and Scorefam are hoping to generate R4.4 million in investment in return for a share of their businesses.
- There are currently six businesses vying for investment on GoGetta’s platform.
Equity crowdfunding platform GoGetta is an interesting solution to the problem of capital acquisition in Africa. The platform boasts that for just R1 000 anybody with the means can not only help a local business grow, but get a share in that business as well.
Now GoGetta has announced that it has listed its first business from outside South Africa, namely Scorefam and Quiver.
Scorefam is a sports gaming business in which betting fans can deposit and withdraw earnings via a crypto-enabled app. Quiver is a crypto-based savings and loans provider which caters to African in the informal sector.
“After successfully raising over R6m for two businesses in just six weeks, we’re delighted to offer these innovative African businesses to global investors. This signifies an important step in our growing reputation as a trusted facilitator of funds for quality African businesses. All businesses must be scrutinised by an investment team prior to listing on the GoGetta platform,” GoGetta co-founder, Sthembiso Zwane (pictured in header) said in a media statement.
Of course, investing your money can be rather risky and GoGetta claims that it vets all campaigns to insure they are valid, viable and compliant. Further to this, should the project not reach the target, your money is returned excluding the associated processing fee.
Each project will feature different funding goals, Scorefam for example hopes to attract as much as R4.4 million in investment while Quiver is looking to draw in the same level of investment.
“Risk profiling is important to ensure that the selected bets correspond with the user’s appetite for risk. Users can play to earn yield on their capital. When they make successful predictions, they are paid out in a Scorefam token, removing dependence on local banks and country limitations for accessing their rewards,” founder and chief executive officer at Scorefam, Simisoluwa Adeyemo said in a statement.
Quiver, interestingly, came up with its solution when it struggled to access loans using its digital asset portfolio as collateral.
“It’s impossible to get credit without statutory documentation and minimum savings deposits. We built Quiver to allow Africans to do more with less by building a non-custodial savings and loans platform,” says Omololu Bamisile, chief executive officer at Quiver.
Other projects available for investment on GoGetta include:
- “UMOYA! operates in the telecommunications sector providing affordable data and improved internet connection to under-serviced communities in South Africa.
- Investment term: 5 years. Investors can expect a targeted IRR of 21.3 percent.
- Investmint is an innovative loans platform for SMEs, launched in 2019 which has already funded R30 million in loans.
- Investment term: 6 years. Investors can expect a targeted IRR of 27.3 percent.
- Buygaloo is an adtech business which provides a location-based advertising platform to brick and mortar stores.
- Investment term: 5 years. Investors can expect a targeted IRR of 35.3 percent.
- Silverleaf, a venture capital cannabis fund with an attractive structure allows investors to get in on the growing and lucrative cannabis industry.
- Investment term: 5 years. Investors can expect a targeted IRR of 15-20 percent.
- Scorefam, a sports gaming crypto-enabled business which makes it easy for betting fans to deposit and withdraw earnings.
- Investment term: 6 years. Investors can expect a targeted IRR of 33.2 percent.
- Quiver, a savings and loans provider aimed at the informal market in Africa.
- Investment term: 5 years. Investors can expect a targeted IRR of 33.6 percent.”
GoGetta is administered by Grovest which itself has been helping investors and business since 2014.
Remember though, that investing doesn’t guarantee a return on your investment and you should never invest more than you can afford to lose. That having been said, GoGetta is a clever solution to the problem of access to funding and makes investing in business you want to see grow easier.