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In addition, the company expanded its board, adding Mark Fitzjohn, Bruce Ndidi (both from Empowerment Capital) and Stephan Van Der Walt of Pallidus alternative investments.
The oversubscribed round was led by a new investor to the group, Imvelo Ventures, a venture-capital investment company founded by Capitec bank and Empowerment Capital investment partners, with participation from Lebashe investment group, Pallidus alternative investments, Shaolin Investments Limited and Gary Stroebel, all existing investors in the CTSE.
"CTSE's technology and financing innovation is changing the market's capital and fund raising experience. CTSE is transforming what has historically been a long and complicated process into one that is more transparent, safe, and simple. I am proud of what the CTSE's team has achieved by innovating daily to reduce cost, risk, time, and complexity in the Capital raise process," said CTSE chief executive officer Eugene Booysen.
"We are grateful for our newest and existing investors' confidence in our business and the opportunity before us. We believe this underscores the fact that our business plays a transformative role in growing the African economy from Cape to Cairo."
The CTSE group consists of three primary businesses:
By digitising a significant part of the assessment process, it provides a safe, simple, and cost-effective way to access capital markets. It offers a front-to-back transaction management service for companies sourcing debt and equity capital. Companies have the option of a range of services to access both listed and unlisted capital markets.
Mark Fitzjohn, a director of Imvelo Ventures, said the firm is always looking to fast-track the growth ambitions of South African entrepreneurs.
"We are excited to partner with such a strong team. They are leading experts in the next wave of exchange and investment banking technologies such as corporate finance, raising capital, funding, securities trading, custodianship, corporate governance, and shareholder management.
"Their cloud-based technology and end-to-end exchange architecture, combined with a marketplace of supporting partners, will allow them to rapidly and cost-effectively bring innovative, data-driven solutions to the market.
"This will enable us to push the boundaries of capital and fund raising using data and AI with new-age exchange infrastructure."
