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VENTURES AFRICA- West African e-commerce platform, MoboFree has received growth funding from Netherlands-based eVentures Africa Fund (eVA) to expand its presence across the emerging continent.
The expansion includes growing its business in Lagos, Nigeria’s commercial hub, and Ghana’s capital city, Accra. It also plans to establish new offices in East Africa as well as invest aggressively in marketing.
Although the amount invested into the classified site was not revealed, the deal will see eVA introduce Million Monkeys, founders of online classifieds platforms ‘2dehands’ (second hand goods) in the Netherlands and Belgium, as a co-investor in MoboFree.
Million Monkeys was recently sold to eBay.
Speaking on the investment, eVA Fund’s Brian Hirman said: “Since we started eVA Fund early 2010, we were actively looking for interesting companies in the field of online market places and classifieds to invest in.”
“The strategy of Mobofree to integrate social network elements into classifieds boards makes buying and selling online more fun, personal and more important safer. We all know that scam in online market places is a big problem. The severe measure MoboFree undertakes to avoid this scam on its platform is something we firmly believe in as a key driver for long term success,” he explained.
MoboFree CEO and co-founder, Neringa Kudarauskiene of MoboFree said the company is very excited to have attracted investors like eVA Fund and Million Monkeys to get on board.
“They not only provide us with a solid financial injection, but also are adding a huge relevant business network and African market know-how to the equation. This investment will allow us to continue and speed up our growth in sub-Saharan Africa and deepen our focus on delivering the most dynamic experience for our users,” Kudarauskiene said.
Launched in 2011, MoboFree is one of the largest mobile social and trusted classifieds platforms in the West Africa region with over 3 million registered users.