AFRICA – LAfricaMobile, a leading provider of cloud communication and mobile marketing solutions, has secured €4.3 million (US$4.6m) in Series A funding to invest further in its products.
The round was led by Janngo Capital and participated in by a distinguished group of investors, including French soccer players Aurélien Tchouaméni and Jules Koundé, the founders of Expensya Karim Jouni and Jihad Othmani, and investment firms SouthBridge Investments and Ciwara Capital.
“We are impressed by LAfricaMobile’s vision, the caliber of their team, and their technological solutions, which offer unique services in a huge market,” stated Fatoumata Bâ, founder and executive chair of Janngo Capital.
“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 honored 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.”
This fundraising will allow LAfricaMobile to consolidate its financial position and expand in French-speaking Africa.
According to Malick DIOUF, CEO and co-founder of LAfricaMobile, the funds will be used to develop the company’s activities in Central Africa and further invest in its products, particularly by integrating artificial intelligence to offer better-added value to its customers and partners.
“I believe that entrepreneurs like Malick can 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.
Investors’ confidence in LAfricaMobile’s strategy and growth potential demonstrates the company’s strength and promising prospects in French-speaking Africa.
“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,” said Frannie Lauthier, CEO of Southbridge Investments, Partner.
“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.”
With this fundraising, LAfricaMobile is well-positioned to continue its rapid and sustainable development in French-speaking Africa.
“This is a decisive step in developing 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.
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