Tuesday, March 28, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home in Southern Africa

South African start-up wins Global Unicorn for top business idea

by SAT Reporter
May 27, 2021
in in Southern Africa, Just In, South Africa, Startup Africa
0
South African start-up wins Global Unicorn for top business idea
0
VIEWS

London, (The Southern African Times) – South African start-up business Magnevane has scooped the Global Unicorn top honours recently for the business with the highest investment potential.

South African executive and business owner Gareth Rees was part of the team which claimed victory against several start-ups with enormous investment potential from various parts of the world.

The competition which helps profile top companies to Venture Capitalists and investors saw last year’s winner raise $22 million off the back of the awards.

Gareth Rees

“We are chuffed that years of hard work and perseverance are now paying off.

There is a clear need for energy efficient products to be prioritised not only in South Africa but around the world, as power sources become increasingly depleted and environmental pressures mount,” Rees said.

Magnevane has commercialised intellectual property that has the potential to disrupt the pneumatics sector (compressed air technology), which is a R1.3 Trillian global market using over 10% of all industrial electricity.

The company’s unique selling proposition is an increase of more than 40% efficiency, higher start-up torque, longer maintenance cycles and more consistent performance than any pneumatic motor on sale today.

In South Africa, Magnevane is working with leading gold and platinum mines to transform their pneumatic network efficiency through the introduction of equipment that is more efficient and can operate at lower pressure.

Johannesburg is Magnevane’s African hub and the Magnevane team there, led by Magnevane Africa CEO Rees, is exploring opportunities to license Magnevane technology to local partners covering manufacturing, distribution and equipment servicing with a particular focus on BEEE partners as they develop and grow their businesses and look for competitive advantage in the industrial sector.

“Magnevane is a global story with South African beginnings in the town of Nelspruit, where inventors Stephen Nicholson and Mike Spencer first came up with the idea of using super magnets in compressed air motors to create a tight seal between the sliding vane and motor housing,” Rees explained.

The results from their first experiments far exceeded their expectations, as they had created a motor that was, already at this early stage of development, more efficient than the best motors in the world.

“Karim Premji, a Canadian investor, was inspired by the impact that the Magnevane technology could have on the world and provided the seed funding to register provisional patents, develop working prototypes and to secure Deloitte as a global commercialisation partner.

“Later in 2017 Jiva Remtula, a Portuguese investor and now Magnevane’s global CEO, provided for the series A funding allowing the acquisition of precision manufacturing facilities in Trofa Portugal, as well as the development and patenting of the first range of Magnevane products,” Rees said.

“In this way, Magnevane was born as a global organisation, made possible only because of the talent, resources and vision of three parties from different corners of the globe.

Magnevane now stands poised for global expansion across mining, oil and gas, paper and pulp and the chemicals sectors as they build out their product suite, executive team and network of specialised partners.

Rees said in the context of South African start-ups, the growing success of Magnevane and this win was indicative that start-ups can get exposure internationally if they have an innovative and powerful platform or product.

Previous Post

Eni to invest $7 billion in Angola over next four years

Next Post

Sequoia leads $5M pre-seed in Egypt’s 1-month-old digital bank Telda

SAT Reporter

Related Posts

South African authorities arrest 87 ahead of anti-government protest
South Africa

South African authorities arrest 87 ahead of anti-government protest

by SAT Reporter
March 20, 2023
All set for commissioning of new generator to boost Zimbabwe’s power supplies
Business

All set for commissioning of new generator to boost Zimbabwe’s power supplies

by SAT Reporter
March 20, 2023
Uhuru Kenyatta visits DR Congo to facilitate peace process
Democratic Republic of Congo

Uhuru Kenyatta visits DR Congo to facilitate peace process

by SAT Reporter
March 11, 2023
Tanzania, World Bank pledge to support women in accessing digital technologies
Tanzania

Tanzania, World Bank pledge to support women in accessing digital technologies

by SAT Reporter
March 8, 2023
South Africa gets new minister to tackle power crisis
South Africa

South Africa gets new minister to tackle power crisis

by SAT Reporter
March 7, 2023
Next Post
Sequoia leads $5M pre-seed in Egypt’s 1-month-old digital bank Telda

Sequoia leads $5M pre-seed in Egypt’s 1-month-old digital bank Telda

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments African news African start-up Agriculture banking Business China Classic Climate change Content economy Explore Bali Finance football Health Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn

Categories

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tag

africa African business news Africa News african footballer African investments African news African start-up Agriculture banking Business China Classic Climate change Content economy Explore Bali Finance football Health Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?