Local online startup gets R 10million in VC funding

ChessCube yesterday announced that it has concluded a US$1.25m funding agreement with Venture Capital fund, InVenFin. InVenFin, the VC-focused subsidiary of VenFin Limited, invests in intellectual property-based start-ups with global potential. This transaction brings ChessCube’s total funding to date to US$1.8m (R 14.6million).

ChessCube is an online chess site, which allows players to compete and learn chess, while socializing with others.  Chesscube current has over 650 000 registered users from 207 countries making it one of the biggest online chess portals around.

Mark Levitt, CEO and founder of ChessCube says, “We are delighted to have InVenFin on board as our partner. Over and above the valuable capital injection, InVenFin gives us access to an international business network, and their team of experts in branding, product strategy, intellectual property management and corporate structuring. This investment allows ChessCube to focus on establishing itself as the world leader in online chess.”

InVenFin’s Stuart Gast says, “ChessCube’s innovative product offering has impressed us, along with the strong team led by Mark.  The social gaming space is growing rapidly worldwide, and we believe ChessCube represents an excellent entrance for us into this world.  We look forward to assisting ChessCube achieve its aspirations.”

Vinny Lingham, CEO of San Francisco-based Yola.com, was an early investor in ChessCube. “As a keen chess player myself, it is particularly exciting to be part of an innovative chess venture,” said Lingham. “This investment by InVenFin further highlights the potential of Cape Town as the technology hub of Africa – which I like to dub Silicon Cape. ChessCube has enormous potential to dominate the massive global chess players’ market.”

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Local online startup gets R 10million in VC funding