West African classifieds platform MoboFree has obtained funding from Netherlands-based eVentures Africa (eVA) Fund in order to expand its presence in Nigeria and Ghana, start new offices in East Africa and invest in marketing.
MoboFree, launched in 2011, has over three million registered users generating 65 million page impressions monthly, which the site in the top eight in Nigeria, top five in Zimbabwe and top nine in Malawi.
The amount of investment has not been disclosed, though eVA Fund has also introduced Million Monkeys – founder of online classifieds platforms 2dehands, recently sold to eBay – as a co-investor.
“Since we launched MoboFree in 2011, the concept quickly went viral, attracting immediate registrations from people that enjoyed the possibility to make online deals in a social and safe environment,” said MoboFree CEO and co-founder Neringa Kudarauskiene.
“We are 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.”
Brian Hirman of eVA Fund: “Since we started eVA Fund in early 2010, we were actively looking for interesting companies in the field of online marketplaces 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 measures MoboFree undertakes to avoid this scam on its platform is something we firmly believe in as a key driver for long term success.”
Image courtesy of Shutterstock.