The company, which was a winner in the 2010 SAB Kickstarter competition for young South African entrepreneurs in the Western Cape, aims to capture 25% of the 1.2 million South African student population by the end of 2011, through its website and the administration of the branded StuD discount card.
"We came across this winning company last year through our Rival Pioneers entrepreneur support initiative and we've been impressed by their determination and willingness to think on their feet," said Marc Ashton on behalf of Rival Capital.
Studentology founder Stuart Minnaar commented, "Knowing that there is the invaluable support of guiding hand readily available to consult, seek advice from or simply just discuss an idea has revived the excitement of the brand for me. Having a team with vested interest challenges our ideas and combined with general business savvy places us on the track of incremental growth."
Outlining the growth prospects for 2011, Minnaar notes that there is a perception that students do not have money but there is an estimated annual spend of about R28.5 billion by the student market which is unrecorded. Through its card, the company will study student consumerism and provide a platform for the student to become a more informed consumer and one that generates value add for both consumers and merchants.
