Digital investment firm, Frontier Digital Ventures (FDV), has further consolidated its holdings in Africa, with its third investment in the region – acquisition of 32 per cent equity stake in Moteur.ma for an undisclosed amount.
Moteur.ma is a leading automotive portal in Morocco that gathers about 530,000 visits and 4.5 million page views to the site each month.
FDV noted that Moteur.ma has a growing business with over 600,000 vehicles in its database, and a large social community with 221,000 Facebook fans.
The portal was founded by local entrepreneur Abderrazak Yousfi in 2009.
FDV CEO and founder, Shaun Di Gregorio said the Middle East and North Africa (MENA) is a target region for FDV, which has also recently made two investments in East African classifieds businesses.
“Morocco is a dynamic and rapidly growing economy with a bustling start-up scene and one of the best frontier markets in the region. The founder of Moteur.ma, Abderrazak Yousfi, has single handedly built a market leading automotive portal and in the face of larger, better resourced competitors,” Shaun noted in a statement.
“We passionately believe that with our investment into the business, alongside our strategic and operational input, we can make Moteur.ma an even more exciting success story,” he said.
Morocco is considered the most competitive economy in North Africa by the World Economic Forum, with the fifth largest gross domestic product (GDP) within the continent.
Its strategic proximity to Europe additionally lends to the country’s stable and rapid-growth as a well-performing emerging market, FDV noted.
“Furthermore, Morocco’s Internet infrastructure is one of the most technologically advanced on the continent. (The country also) has a young, well-trained and computer-literate workforce, and one of the highest Internet penetration rates in Africa at 56 per cent,” the firm added.
Kuala Lumpur-based FDV is a investment firm under the Catcha Group, headed by internet entrepreneur Patrick Grove.