Synatic Secures $2.5 Million in Seed Extension Funding
Synatic, a leader in data integration and automation, has secured an additional $2.5 million in a seed extension funding round led by Allan Gray E-Squared Ventures and UW Ventures. Synatic will use the additional funds to expand market reach in the United States in preparation for Series A funding early in 2023.
Participating in the seed extension round are Allan Gray E-Squared Ventures (AGEV), UW Ventures, Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund. AGEV and UW Ventures are leading investment management and venture firms based in South Africa. Adansonia PE Opportunities VCC (APEO) is an African opportunities permanent capital structure based in Singapore. APEO seeks to invest in businesses well-positioned to benefit from the rapid adoption of mobile technologies and the growth in demand for fast-moving consumable goods by rapidly urbanizing populations. Endeavor Harvest Fund is a founder-aligned, rules-based fund investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs.
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“Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space,” said Harry Apostoleris, Co-founder of UW Ventures. “We expect Synatic’s unique hybrid approach to moving and managing data will continue to gain momentum as more enterprise organizations struggle with extracting and combining data trapped in scattered data lakes and repositories.”
The additional seed funding will be used to increase Synatic’s market footprint in the United States, including direct sales and expanding reseller and OEM partnerships. The Synatic Hybrid Integration Platform is a data integration and automation solution that brings together iPass, EB, ETL, API management, and on-premise connectivity. The platform offers simple, enterprise-grade tools to cut the time and cost of integration, automation, and analytics by 80%. “As data continues to cause a multitude of problems for companies of various sizes, our investment in Synatic will help the company further expand globally, allowing organizations to seamlessly connect their systems and utilize their data,” said Brendon Jones, Chief Executive Officer of Adansonia Fund Manager Private Limited and Director of APEO.
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“Synatic’s integration and automation platform is already gaining ground in multiple international markets,” said Martin Naude, founder and CEO of Synatic. “With this additional seed money, we can bring a new focus to the U.S. market, expanding our sales and marketing program and recruiting new reseller and developer partners.”
Synatic provides a complete solution for the $19 billion data integration market, offering a low-code/no-coder/your-code solution to simplify the integration of internal and external data sources. The company has already developed automated data integration solutions for insurance and wealth management market leaders and is empowering Salesforce customers. Synatic also offers prebuilt connectors to commonly used data sources such as AWS, Google Cloud, Sage, HubSpot, and other data sources.
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