Algeria, January 28, 2019

1

South African property tech start-up, Flow raises 20 million rand

A South African property tech start-up, Flow, has raised 20 million rand in South Africa’s biggest seed investment for the new industry to date.

The three founders of Flow- Gil Sperling, Daniel Levy and Jonathan Liebmann offer a mobile app, which operates a platform designed to serve the needs of tenants and landlords. The founders note that the first goal of the application is designed to reward tenants for good behaviour.

Flow’s platform allows tenants to sign up to the app and receive rewards for positive behaviour, including paying rent on time and keeping rented property neat and tidy.

The company’s seed capital was raised from two key investors. The first 10 million rand was from an American venture capital investor and another 10 million rand was raised from South African tech fund, Kalon Venture Partners.

Two of the founders, Sperling and Levi were in charge of Popimedia, one of South Africa’s most successful ad-tech companies. Popimedia is the largest buyer of Facebook media inventory in Africa and was sold to French multinational Publicis Groupe in 2015.

Liebmann founded Maboneng, an inner city district in Johannesburg. His company Propertuity managed the district for a few years but it ran into trouble recently and was bailed out by RMH. He has developed a few property ideas since, including Flow.

Speaking on the initiative, Sperling said “the app will enable landlords and tenants to communicate and to rate one another. A tenant will get rewarded for paying their rent on time in the form of a rebate. We have also created vouchers for good tenant behaviour. Tenants can also buy household goods online. So, essentially, Flow is a platform which digitises living at home. It ultimately makes the cost of living cheaper”.

Liebmann said he wanted to get numerous tenants to use Flow, which would attract institutional owners of residential property.

footprint2africa



Forex News Headline



Forex Market Video