Marking its fifth deal in Africa, Kuala Lumpur-based digital investment firm Frontier Digital Ventures (FDV) has invested in general classifieds site Afribaba Holdings to drive the company’s expansion across French-speaking markets in West Africa. Afribaba is FDV’s 12th investment in the past 12 months.
An executive from FDV confirmed that the deal was completed following talks that began in July.
The executive told DEALSTREETASIA that Africa remained an attractive region given its sizeable frontier markets. The person commented that Afribaba was unique in that it targets the French-speaking countries in Western Africa. The 24 French-speaking countries in Africa account for a population of 120 million. “The investment will help push Afribaba’s plans to expand into other French-speaking markets in Africa,” the person said.
“Afribaba 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 four African countries in the next few weeks and probably in most African countries in the next few months,” Afribaba founder and CEO Jacques Temgo Guiffo told African technology news site TechMoran last week.
Guiffo added that Afribaba is supported by global experts in e-commerce and African markets. The founder is now revamping the designs of his sites across the first few markets Afribaba is concentrating on while putting together a team on ground in some of the markets.
Afribaba has a presence in various African markets and the firm will now expand from market to market until it covers the continent.