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HAVAÍC undertakes R5m capital raise for Digital Cabinet

Anna Lyudvig
July 11, 2017, midnight
259

Word count: 340

HAVAÍC, an investment and advisory firm, has undertaken a R5m capital raise for Digital Cabinet, which includes the conversion of the convertible loan, extended in July 2016, into equity. 

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HAVAÍC, an investment and advisory firm, has undertaken a R5m capital raise for Digital Cabinet, which includes the conversion of the convertible loan, extended in July 2016, into equity. 

The capital raise is based on the Company’s estimated valuation having doubled in the intervening period. 

Several of the convertible loan participants and all the HAVAÍC principals have committed to subscribe for additional equity. 

HAVAÍC is now engaging with its wider investment community to close the remaining investment opportunity. 

Digital Cabinet offers companies cloud-based paperless document and workflow management solutions, and is on the brink of a period of rapid growth as a result of: 

increased focus on sales and marketing as opposed to product development on which it has focused to date; distribution agreements with partners abroad; and a partnership with Computershare for its digital post offering, which has driven the increase in the Company’s estimated valuation as a result of the increased user base this joint venture will facilitate. 

“As HAVAIC, we are most pleased by our ongoing relationship with Digital Cabinet and their excellent team and looking forward to our partnership going forward. Their solid platform of products is an excellent base for future growth, particularly their relationship with Computershare,” said Grant Rock, Executive director and co-founder at HAVAIC.

The proceeds of the capital raise will be used by Digital Cabinet to increase its staff capacity, undertake a concerted marketing exercise with the objective of creating product and brand awareness, implementing further product development and improving operational efficiencies. 

HAVAÍC will represent investors who acquire shares in the Company, as a result of the loan note conversion and the fresh capital injection, on the Company’s board of directors. 

Daniel Kritzas, CEO of Digital Cabinet, said: "We are excited to be entering this new phase in the growth of Digital Cabinet. Our partnership with HAVAIC will enable us to gain further traction in the South African market and scale up operationally, with a view to global expansion in the near future."

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