LAfricaMobile announced that it had raised $4.6 million in its series A fundraising round, which was led by Janngo Capital and supported by several leading investors including the world vice-champions, Aurélien Tchouaméni and Jules Koundé of the French Football team, the founders of Expensya, Karim Jouni and Jihed Othmani, SouthBridge Investments and Ciwara Capital.
This fundraising will allow LAfricaMobile to consolidate its financial position and expand in French-speaking Africa. The funds will be used to develop the company’s activities in Central Africa and to invest further in its products, in particular by integrating artificial intelligence to offer better-added value to its customers and partners, according to Malick DIOUF, CEO and co-founder of LAfricaMobile.
Investors’ confidence in LAfricaMobile’s strategy and growth potential demonstrates the company’s strength and promising prospects in French-speaking Africa.
“We are impressed by LAfricaMobile’s vision, the caliber of their team and their technological solutions offering unique services in a huge market. Indeed, their value proposition at the intersection of telecommunications, marketing and financial services efficiently addresses a combined market projected to hit US$150 billion by 2030. We are honoured to lead this funding round as a cornerstone investor to support both the expansion of their offering and geographical footprint while improving the accessibility of local content.” stated Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.
“I really believe that entrepreneurs like Malick have the ability to transform African markets and local innovation; in short, exactly the kind of projects Jihed and I like to invest in!” said Karim Jouini, Founder of Expensya.
“I would like to say that at SouthBridge Investments we support companies that are making a unique contribution to furthering the digital economy with solutions at scale. LAM has not only demonstrated that it can do that in one country but through its dynamic leadership is leading the way to scaling solutions across other geographies,” said Frannie Lauthier, CEO of Southbridge Investments, Partner.
With this fundraising, LAfricaMobile is well positioned to continue its rapid and sustainable development in French-speaking Africa. “This is a decisive step in the development of our company which has already supported more than 300 companies in Africa and established more than 60 partnerships with telecom operators on the continent. Our ambition is to support all companies wherever they are in Africa in their relationship with their customers using mobile technologies,” assures Malick Diouf.
