Two South African startups, one running a cryptocurrency investment platform and the other a health-tech venture that takes doctors to the patients’ home bypassing the hospitals, have raised venture capital funding.
Three-year-old cryptocurrency platform Revix said it has raised ZAR58.5 million ($4 million) in offshore capital. It did not name the investors.
This round of fundraising comes two years after Revix got just under $800,000 from Johannesburg-listed Sabvest.
The company was founded by Sean Sanders and Louis Buys, and has offices in Cape Town and London. It was also part of the Berkeley Blockchain Xcelerator and Wave 2 of the Qatar FinTech Hub’s Incubator and Accelerator Programme.
Revix said it would use the fresh capital to launch a mobile application, scout for investment opportunities and expand to the European Union. It would also add more than 30 jobs in South Africa as part of the expansion plan.
“We aim to blur the lines between investing in traditional asset classes, such as stocks, as well as the emerging alternative investment sectors, such as AI, biotech, 5G, e-sports and cryptocurrencies,” said Sanders, who is also its CEO.
The company allows users to access a behavioural loyalty and rewards programme, where they can earn points that can be redeemed for bitcoin.
“We’re building a behavioural loyalty model that incentivises investors to undertake smart investment decisions, such as diversifying their investment portfolios, growing the investment community, improving their financial knowledge and making smart long-term investment decisions, while being rewarded for doing so,” Sanders said.
Quro Medical, a digital health startup that was in the stealth mode until now, said it has secured $1.1 million in seed funding.
The round was led by Nairobi-based early-stage VC firm Enza Capital and mid- to late-stage South African investment firm Mohau Equity Partners.
Quro said traditional hospitals are experiencing excessive demand, placing strain on bed capacity and hindering effective patient treatment and recovery. It seeks to plug this problem with a virtual hospital ward in Africa at a lower cost.
“We are focused on saving lives and enhancing patient care. The technology is the enabler, making all of this possible,” said, Vuyane Mhlomi, Quro Medical’s co-founder and CEO.
Quro Medical says it goes beyond telemedicine and traditional home care by incorporating clinical data and offering remote healthcare monitoring.