LAfricaMobile, a cloud communication startup based in Ivory Coast, has received a US$4.6 million funding in its Series A funding round to fast-track its rollout in French-speaking parts of Africa.
LAfricaMobile, founded in 2014, enables clients to conduct mass communication initiatives through Mobile technologies such as SMS, USSD, voice, WhatsApp, airtime, and text-to-speech.
Having processed nearly 100 million transactions and linked more than 15 countries and 60 operators, LAM now aims at opening new markets after its latest funding round, Series A, which totalled up to US$4.6m.
The round was supported by Janngo Capital and French footballers Aurélien Tchouaméni and Jules Koundé. Other investors included Expensya’s founders, Karim Jouni and Jihed Othmani, as well as VC firms, SouthBridge Investments and Ciwara Capital.
Through the funding that LAfricaMobile is expected to receive, the company will be in a better financial position to execute its expansion strategies in French Speaking Africa. These funds will enable the company to create new business in Central Africa by diversifying its activities and expanding its products’ portfolio through implementing the new technologies, such as artificial intelligence, to provide more benefits for customers and partners.
“We are impressed by LAfricaMobile’s vision, the calibre of their team, and their technological solutions offering unique services in a huge market,” remarked 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.”
Further, he expressed the company’s excitement in leading the funding round, describing it as “a cornerstone investor to support both the expansion of their [LAfricaMobile] offering and geographical footprint while improving the accessibility of local content.”
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