Nomanini, a firm that combines physical vouchers with direct, electronic delivery to informal retailers has secured series-B funding from Seychelles-based investment company Rockbridge Investments Limited. The latest financing brings the startup’s total raised capital to over ZAR 20million.
“Rockbridge has been looking for some time for the right investment in the mobile space in Africa. In Nomanini we found a company with the ideal mix of strong technology, robust business processes, and speed of delivery,” said Vandy Massey, Rockbridge Investments’ key adviser on the South African market.
Nomanini CEO Vahid Monadjem started the company to bring the power of the mobile revolution to the communities that have the most to gain from it. Nomanini partners with local enterprises in each market who create a locally relevant product on Nomanini’s prepaid platform. Launched in 2011, Nomanini is now active in South Africa, Kenya and Mozambique and currently expanding to Nigeria, Guinea and Somalia. “At the moment we are at a very exciting inflection point, having proven our underlying technology and business model in multiple counties. We are growing fast,” said Monadjem.
Nomanini says the funding round will help it scale operations internationally, helping to streamline the fulfillment process, recruit talent needed to keep up with the necessary growth and develop the next generation of payment processing tools for informal retailers. Monadjem says “Our investment from Rockbridge provides the rocket fuel for Nomanini to scale our business across Africa and beyond. In addition, Nomanini will benefit from the enterprise B2B business development knowledge that Vandy brings to the table.”
“The decision to invest was based on Nomanini’s impressive track record of delivering an effective, customer-friendly solution for mobile top-up in Africa. On a personal level, I am thrilled to have the opportunity to work with such a dynamic, forward-thinking team,” said Massey.