Insuretech Cyber Insurance Provider MyCybercare secures Investment from Randvest Capital
Randvest Capital, the parent company of Randvest Technology Holdings, has invested in cyber insurance provider MyCybercare.
The investment firm is owned and chaired by the former BCX co-founder and CEO Isaac Mophatlane,
The financial terms of the deal were not disclosed.
The Randvest Group’s core focus is leveraged acquisitions and strategic investments across various industries with a strong focus on technology companies. Randvest said it takes a long term view on its investment strategy and targets businesses which will have high yielding annuity returns with significant growth prospects in the short to medium term period.
Mophatlane, who started BCX as his first business with his late brother Benjamin in 1996, and then went on to grow it to around 7,000 staff until it was eventually acquired by Telkom in 2016, said he has a passion to work with entrepreneurs and management teams which have established strong values and discipline in the sectors in which they operate.
Randvest is currently invested in several tech based businesses which play on the global stage.
“Having spent the last 10 years working closely with customers in almost every sector of the economy across the continent and into Europe and the Middle East, and working closely with some of the biggest tech giants which have been seeing the global picture for a long time, I realised that cyber crime is definitely near the top of the agenda of many consumers, SMME’s and CIOs,” said Mophatlane.
“We see every indication that executives, organisations and private individuals are moving away from a generic view of cyber risk to develop security and risk strategies specifically for the areas of their business and lives that could be most seriously affected. Cyber insurance is becoming a crucial part of these strategies.”
Randvest’s geographical focus is on African companies with particular emphasis on Southern Africa. While founded in South Africa, MyCybercare has already expanded into the UK and the Middle East, with plans for further expansion into India.
Mophatlane describes Randvest as a ‘low volume, high value-add’ investment company that makes a limited number of investments and acquisitions each year.
“We hope to play a significant role in the growth and development of MyCybercare. The cyber insurance industry is at the threshold of a major shift that comes hand in hand with real opportunities for insurers who are willing to adapt their offerings for this digital age,” he said.