Asset and resource management company Acumen Software has secured a Series B investment that will be used to build out further services for citizens on the My Smart City platform, including a private-sector solution that aims to boost job creation across the country.
The investment made by venture capital firm Imvelo Ventures has enabled additional functionality to be introduced on the platform, including the recently released In the City module.
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, Acumen Software says.
"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 small, medium-sized and microenterprises. Exposure for small businesses, previously unknown, can be a catalyst for economic growth,” says Acumen Software CEO Joao Zoio.
"We believe 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," comments Imvelo Ventures director Mark Fitzjohn.
"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," he adds.
The Series B investment – an undisclosed amount – follows a Series A investment by Imvelo Ventures.
"The additional investment from Imvelo Ventures showcases 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," says Acumen Software CFO Tertius de Villiers.
My Smart City connects citizens to resources within their cities empowering them to improve their lives by improving their cities. The In the City module 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.