Acumen Software, the asset and resource management solution firm that created the My Smart City platform, has secured a Series B Investment used to build out further services for citizens. These services include a private sector solution that aims to boost job creation across the country.
The investment made by Imvelo Ventures has enabled additional functionality to be introduced on the platform, including the In the City module released last week. This added functionality provides users with a lot more information, including insights into municipal service performance, places of interest to boost local tourism and access to social, sporting and other events. The platform also provides the ability to purchase value added services such as airtime, data and lotto tickets with more to come.
The injection of capital will also unlock the disruptive private services module providing citizens with access to services from trusted sources. This module has the ability to boost job creation in the gig economy and provide more opportunities for entrepreneurs and business start-ups.
“The platform has the potential to create up to 50 000 jobs within five years. Nations can use Smart City technology to formalise informal work sectors and support SMMEs. Exposure for small businesses, previously unknown, can be a catalyst for economic growth”, said Joao Zoio, CEO of Acumen Software.
Imvelo Ventures (Pty) Ltd, founded by Capitec Bank and investment firm Empowerment Capital Investment Partners, identifies and funds promising South African small and medium enterprises.
As Imvelo shares the My Smart City vision, this series B investment, still an undisclosed amount, follows their Series A investment.
“We believe that venture capital has a significant role in South Africa because it is a proven method of introducing capital to higher risk ventures that support exponential outcomes. There is a wealth of potential in South Africa, and venture capital investing is a process of sifting to uncover the current golden opportunities. We’re all trying to solve problems. The My Smart City platform is a great example of problem-solving, through world-leading tech, being built and rolled out on our doorstep”, said Mark Fitzjohn, director at Imvelo Ventures.
Acumen Software (Pty) Limited (“Acumen Software”) performed a rights Issue whereby Imvelo Ventures (Pty) Limited (“Imvelo”) took up all the shares on offer. Subsequently, Imvelo now owns 20.41% of Acumen Software.
“We have been fortunate enough to have found investors who truly appreciate what we plan to achieve with My Smart City. The additional investment from Imvelo Ventures showcases both our and their commitment to building a solution that empowers South Africans. As South Africa continues to move with the digital era, My Smart City is at the forefront of improving communications between citizens, service providers, and municipalities. We can leverage technology to build better and stronger cities through partnerships like this,” said Tertius de Villiers, CFO of Acumen Software.
My Smart City connects citizens to resources within their cities empowering them to improve their lives by improving their cities.
