Afribaba raises undisclosed funding from Frontier Digital Ventures to expand in francophone Africa
Afribaba General classifieds site Afribaba Holdings (AH) has confirmed to TechMoran that it has completed it’s funding deal with Frontier Digital Ventures to expand across French-West Africa.
Founded in 2015, the firm began talks in July and by August things were nearly complete when we got a tip off of the deal.
“AH is an ongoing success story and it aims to become the leading local classifieds ads internet business in Africa.
We are planning to operate in 4 African countries in the next few weeks and probably in most African countries in the next fews months,” said Jacques Temgo Guiffo, founder and CEO Afribaba Holdings. “In Cameroon, AH is launching with http://www.afribaba.cm, in Senegal, AH is working to launch with http://www.afribaba.sn, in Ivory Coast, AH is working to launch with http://www.afribaba.ci and in Gabon, AH is working to launch with http://www.afribaba.ga.”
Temgo added that AH is supported by global experts in e-commerce and African markets. Temgo is now revamping the designs of his sites across the first few markets Afribaba is concentrating on and has taken up the role of CEO fulltime and is getting a team on ground in some of this markets.
“As you can see, the design is changing hugely,” he told TechMoran. “I will first open office in Cameroon and then the others markets will come. At the moment, the biggest competitor is probably Rocket Internet with their multiples sites and Naspers OLX.”
Apart from Afribaba.com, Temgo also developed BarcelonAds.com/BCNanuncios.es/BCNanuncis.cat, local classifieds Ads in Barcelona, Spain and AdsInLondon.co.uk as well as MXanuncios.com based in Latin America. With his love for classsifieds, Temgo has been running this sites on his own without any backing. Sealing this deal gives him energy to go further than he was doing on his own.
Afribaba has a presence in various African markets and the firm will now expand from market to market until it covers the continent according to its playbook. You can sample out some of its listings in Cameroon, Ivory Coast, Senegal, Kenya, Nigeria, Egypt and South Africa, and several other countries.
“I do personally think that, Africa is the future and we cannot say it is not ready yet, we will need to teach and show people to get into the right path because is without any doubt the future,” Guiffo told TechMoran in our first interview. “I do not know yet but it is something I am thinking already as things are becoming more and more interesting in most African countries where more people discover the products and start massively using it.”
Source: Techmoran 2 September 2015