A Middle East-based investor has delivered a deal in Africa, backing an investment round into a Nigeria-based consumer technology company.
Knuru Capital, based in United Arab Emirates (UAE) is investing in Jiji, a Nigeria-based consumer technology company – through a series-C deal.
The financial details of this transaction have not been disclosed.
Jiji will use the new capital for geographical expansion across Africa. The company is looking to expand in Kenya, Uganda and Tanzania in East Africa and Ghana, and Nigeria in West Africa.
The investor is backing the company based on its growth prospects, with Jiji’s monthly audience approaching 10 million users, according to Knuru.
“With monthly audience approaching ten million unique users, Jiji has quickly established itself to become a household name in Nigeria and its presence is changing the way Nigerians trade their goods and services,” said Alain Dib, chief executive officer at Knuru. “We are delighted to back Jiji and provide the team with both the fuel and the guidance to succeed.”
Bassim Haidar, chairman at Knuru also represented the investor.
Other existing investors in Jiji include UAE-based Digital Spring Ventures (DSV), which first backed the company in 2017.
DSV injected additional capital into Jiji, earlier in 2019 to fund the acquisition of Netherlands-based consumer technology company OLX’s business in Nigeria, Ghana, Kenya, Tanzania, and Uganda.
The investors structured the carve-out deal through its Digital Spring Ventures I (DSV I), closed at $122.1 million in 2018.
Other investors in Jiji include UK-based Horizon Capital, Italy-based Redseed and Ukraine-based Genesis and TA Ventures.
Headquartered in Lagos, Jiji is a software company that offers an e-commerce platform. The company sells used consumer goods, such as cars, bikes, furniture, electronics, household appliances and construction materials to retail clients.
The company operates across Nigeria and Ghana in West Africa and Kenya, Tanzania and Uganda in East Africa.
Created in 2014, the company is headed by founder and chief executive officer Anton Volianskyi.
Full deal details will be available shortly.
