Mozambique’s top real estate site Propertymaputo.com has recieved an undislcosed funding from Frontier Digital Ventures (FDV) in a move to help consolidate its gains and extend its focus to cover the Mozambique real estate and revamp its product for the English speaking market.
In a statement, CEO and founder Shaun Di Gregorio said: “The business has a great platform in place and is moving in the right direction in what we see as a truly dynamic market in Africa. The combination of our experience and funding along with Bryan and the teams passion and commitment we think makes for a great opportunity to build a market leading business in Mozambique.”
PropertyMaputo will use the cash and connections to grow its business as well as get critical strategic and operational support from FDV which recently invested in Tanzania’s Kupatana.com.
Mozambique has a population of 26 million people, 1.5 million Internet users and 13 million mobile users who are a huge and growing market and attractive for FDV.
As FDV’s second investment in Africa, the firm said it’s moving to consolidate its hold on the continent and is working on more similar investments with leading online classifieds in frontier markerts. Major classifieds businesses in Africa include One Africa Media’s, eBay’ Junk Mail Publishing, Ringiers, Naspers’ and now Rocket Internet which entered the jobs category with Everjobs and a general classifieds dubbed Vendito.