Locomute, a South African mobility start-up, has decided to raise upwards of $5 million (R75 million) in ne equity funding in the Silicon Valley, California, according a media report.
The City Press newspaper reported on Sunday that Locomute will be part of a California trip organised by Investec’s En-novate, together with about 20 South African entrepreneurs.
Ntando Kubheka, Locomute’s chief financial officer, told the newspaper that the new funding in equity will allow the firm to expand.
Locomute currently operates in Johannesburg, Cape Town, Pretoria, Durban and Ekurhuleni, and is looking to expand into Port Elizabeth and East London. The company is also looking to expand into Kenya, Nigeria and Ghana.
Kubheka told City Press that Locomute was going to Silicon Valley because there was no appetite for venture capital in South Africa.
The full report is available in this week’s City Press.