SA’s Domestly raises “substantial” funding round from IDC
Jun 22, 2017
Southern Africa , Startups
South African find-a-cleaner web and mobile startup Domestly has secured a “substantial” first round of institutional funding from the Industrial Development Corporation (IDC). Domestly launched in Cape Town in October 2015, and since then has scaled rapidly across South Africa – expanding to Johannesburg , Pretoria, Midrand and Centurion . The startup received its first seed round of funding in 2015 from a number of angel investors, including the likes of Hannes van Rensburg and Hermanus Roode, and has now raised follow-on backing from the IDC, South Africa’s national development finance institution. The funding will be used to help Domestly expand its national footprint and grow its in-house technology team. “This is a great step forward for Domestly having the IDC as an investment partner and we look forward to this affiliation with them and to create further work opportunities for unemployed South Africans,” said Domestly chief executive officer (CEO) Berno Potgieter. Ken Ogwang, lead deal maker for the IDC, said Domestly was an exciting youth-owned business, and a new step for the institution since it usually invests in more mature companies. “Not only does Domestly connect cleaners and individuals but Domestly also results in a more efficient marketplace for cleaners providing them with increased job security. The IDC funding will go towards assisting Domestly to increase its market traction and improve its product offering thereby increasing employment in the sector,” he said.