South African consumer reward app Maholla has secured $1.5 million in seed funding to continue scaling its platform.
The app rewards users for scanning any receipt from any store, enabling them to earn rewards no matter where they shop. Rewards come in various forms, such as instant airtime, 1Vouchers, in-app games, and more.
This funding round brings Maholla's total funding to over $2 million, including a $580,000 pre-seed round in July 2022. Investors in the seed round include Buffet Group, Castleton Capital, Praesidium Capital Management, and Galloprovincialis.
The company plans to use the funds to expand its rewards platform to millions of users and strengthen its technical capabilities.
Maholla has already built a substantial dataset that brands such as Maggi, Milo, Ricoffy, and others are utilizing to target customers. Jed da Silva, co-founder, and head of product at Maholla, says that the company is on its way to tracking as many purchases as a top five retailer in South Africa.