Cape Town drone company UAV Industries raises $499k
Launched three years ago, UAV Industries offers drone training and leasing services, and has seen 300% year-on-year growth off the back of a multi-million rand turnover.
The investment from Glenheim’s fund, which was launched at the World Economic Forum on Africa earlier this year, was made three months ago, since when UAV has doubled its fixed monthly revenue. The startup recently entered the US market.
“We’ve watched UAV Industries for over a year, assessing the underlying fundamentals”, said Louw Barnardt, a director in the fund. “The business is perfectly positioned in the market, with a strong team and the best global technology has been acquired and incorporated into their processes.”
Richard von Seidel, a former MD at Deutsche Bank in London who now heads the fund’s investment committee, said drones are a key part of the fourth industrial revolution.
"South Africa at the forefront of the game"
“South Africa is at the forefront of the game in terms of regulation and innovation. UAV Industries is poised to play a pivotal role in the adoption of the technology across industries with a particular focus on infrastructure security and monitoring,” he said.
UAV Industries founder and chairman Peter Venn said he was delighted with the deal.
“Glenheim VCC represents a team we know and have worked with, who understand our business inside out, playing a strategic role including financial and business development; they’ve already opened doors for us across the continent,” he said.
This article was originally published on www.disrupt-africa.com.
Source: Disrupt Africa
Disrupt Africa is a one-stop-shop for all news, information and commentary pertaining to the continent’s tech startup – and investment – ecosystem. With journalists roaming the continent to find, meet, and interview the most innovative and disruptive tech startups, Disrupt Africa is a true showcase of Africa’s most promising businesses and business ideas.
Our readers can keep up-to-date with the quirky world of tech hubs and accelerator programmes; and our reporters provide live coverage of the all-important tech and entrepreneurship events across Africa.
For our startup, entrepreneur, and investor friends alike, our mission is to provide practical information and advice from across Africa’s varied vibrant markets, and to promote engaged and thought-provoking discussion about the exciting ecosystem we belong to.
Go to: http://disrupt-africa.com/
About Tom Jackson
Co-founder @DisruptAfrica. Tech and business journalist in Africa. Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.
