Nomanini secures additional ZAR 4.8million investment for international expansion
Nomanini was able to secure an additional investment of ZAR 4.8 million ($449,000) from the Industrial Development Corporation (IDC).
The company provides a unique and colorful mobile Point-of-Sales (Pos) terminal to mobile operators, giving them the ability to sell anything from airtime electricity, micro-loans, insurance and other cash-based transactions. The PoS terminals are supposedly fully mobile, easy to use, and aimed at emerging and informal market settings.
According to CEO Vahid Monadjem, the additional grant from IDC will help the company expand operations to Ghana, Nigeria and possibly to Guinea, Morocco, Namibia and Zambia. It will also help the company streamline its fulfillment process as well as create more jobs, through its network of contractors.
eVentures Africa Fund first invested $600,000 in the company in 2012, followed by an undisclosed amount from Rockbridge Investment in February 2014. The company's total capital raised is now more than $2.3 million.
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