Tech startup LocumBase secures funding from E² Investments and Jozi Angels
Independent online platform LocumBase recently secured funding from E2 Investments and Jozi Angels. The platform also launched V3. LocumBase brings medical practices and locum practitioners together through a locum booking process.
Zulé Vuuren, LocumBase's founder | image supplied
Zulé Vuuren, LocumBase founder and chief energy officer, says: “There was a lot of learning to do before our product could address the needs of the market, which is why we initially released a prototype while researching how users interact. We have learnt from that phase and have now released the first scalable commercial version of LocumBase.com in V3.”
According to Vuuren, technology is the bridge used to address the disconnect between locums and practices that have traditionally been filled by slow and expensive traditional recruiters.
“We understand that this direct link creates a stronger sense of accountability among both locums and practices in the process. We also noted that there is a need for more support to individuals in terms of access to training and resources.Funding for V3 was secured through additional bridge investment, which Vuuren says adds immeasurable value to the business. Local angel investors Jozi Angels, and E2 join existing investors supporting the growth of this market-first platform business.
“We are entering the scaling phase of the business and need not only the financial backing to grow but also the mentorship of industry professionals. Founders of Factory Africa, one of our earlier backers, for example, was instrumental in the build of version 3. They play a hands-on role and provide incredible support, while the financing and support from Jozi Angels and E2 enable us to get V3 to the wider market,” says Vuuren.
Muhammed Hajat, an associate investment officer of E2 Investments, says: “Our funding of LocumBase comes through its Covid-19 Innovation and Response Fund – a targeted initiative to support businesses that are well placed to enhance South Africa’s response to the pandemic and beyond.”
In 2018, LocumBase initially took on investment from two of South Africa’s most prolific financiers in Michael Jordaan’s Montegray Capital and Justin Clarke’s Powerforce Ventures. In 2020, LocumBase joined Founders Factory Africa, who along with being an accelerator, also invested into the business.
In addition, the startup joined Grindstone XL, one of South Africa’s top accelerator programmes in August.
