One Africa Media, the owners of Jobberman (Nigeria) & Brighter Monday (Kenya), Cheki (Kenya, Nigeria), Private Property (South Africa, Nigeria) and Safari Now (South Africa) has received $20 million investment from SEEK International.
According to Jason Lenga, Managing Director of SEEK International: “Africa presents a strategic opportunity to benefit from the significant long-term growth opportunities for online classifieds businesses. Internet and mobile penetration are growing rapidly and key economies within the region are experiencing substantial increases in GDP.
The early stage investment will help position One Africa Media to expand its economic and structural growth in the region.
Lenga added,“We are pleased to be once again partnering with Tiger Global, as well as Carey Eaton (former CIO of SEEK) who is a Co-Founder of OAM. Carey lives in Kenya and is leading OAM’s efforts in Kenya and Nigeria.”
SEEK’s minority investment in One Africa Media will see it appoint one Director to the Board, hold typical minority shareholder protections and account for OAM as an Associate.
The 25 percent investment has been funded via SEEK’s cash reserves making its post-investment net debt balance to stand at A$260m while after the OAM will have a cash balance of ~US$22m.
With operations in countries with rapidly growing internet and mobile penetration rates such as Nigeria, South Africa and Kenya,OAM will utilise the majority of SEEK’s investment to fund further growth in its portfolio and will continue to re-invest to capture the large market opportunities across Africa.
OAM owns market leading businesses in Jobs, Cars, Real Estate and Travel, the minority fund will help it get exposure to early stage high growth African markets and build marketplaces.
SEEK Limited is the leading provider of online employment services in Australia and New Zealand and hosts approximately 75% of all jobs on Australia’s major job sites and has approximately 110,000 job advertisements monthly with some 24m million monthly visits. Seek.co.nz is the leading job site in terms of job advertisements with approximately 16,000 Listed in May 2013.