Investment company earmarks $10 million for Africa's tech and ecommerce sector

folarin okunola

January 12, 2016 11:35 AM

Founded in 2013, South Africa-based Silvertree has invested in about nine companies, including Click n Compare, Faithful to Nature, Cyber Cellar and Healthcart.

Silvertree Internet Holdings

Silvertree Internet Holdings has announced that it will be investing as much as $10 million in African startups in 2016.

Founded in 2013, South Africa-based Silvertree has invested in about nine companies, including Click n Compare, Faithful to Nature, Cyber Cellar and Healthcart.

The company also recently acquired PriceCheck from Naspers, putting founder Kevin Tucker back at the helm of the price comparison platform.

“Searching for top tier talent to invest in and work with will be a key focus for the Silvertree team in 2016, starting in South Africa, but with an eye on other emerging markets on the continent, specifically Nigeria and Kenya,” says Paul Cook, Founder and MD at Silvertree, according to TechCabal.

READ: Founder Kevin Tucker joins forces with VC firm Silvertree to acquire online price comparison platform

“Through our operations across the continent, we are seeing first-hand that the African consumer market creates ‘leapfrog’ tech opportunities that our portfolio companies, with their expertise and deep understanding of their markets, are poised to capitalise on and grow. Silvertree-owned companies are without a doubt best placed to service and grow the millions of African consumers who are migrating to online platforms, looking to source the most competitive prices for goods and services,” Cook adds.

Silvertree’s investment target is coming off the back of a strong 2015 that saw the coming record 300% YoY growth – its strongest year since it began operations in 2013.

The company also says its consumer-focused platforms reached about 25 million unique consumers in Africa and generated over $10 million in revenue.

folarin okunola