Kuala Lumpur-based investment firm Frontier Digital Ventures has invested into three classifieds business in Africa-Ghana’s real estate site meQasa, Morocco’s Moteur.ma, an auto vertical and Cameroon’s Afribaba.com, a general classified site present in various countries in Africa though not as popular as Nasper’s OLX.
The deal of the investments is not yet known to TechMoran but Frontier Digital Ventures, as the name suggests is consolidating its investments in frontier markets in emerging markets with a huge focus on Africa as the world’s second biggest growth market in the world with an increasing uptake of internet consumption and a mobile-first generation.
Recently, the firm invested in PropertyMaputo and Tazania’s Kupatana. Founded by Jacques Temgo Guiffo, Afribaba is present in Cameroon, Ivory Coast,Senegal, Kenya, Nigeria, Egypt and South Africa, and several other countries, and aims to be Africa’s biggest classifieds site.
“I launched Afribaba, because I was somehow disappointed that we did not have a solid classifieds ads business in Africa, ” Temgo told TechMoran adding that his main aim is to cover the full African countries regardless of their size or populations or internet connection. The funding will help the firm achieve its dreams faster.
meQasa and Moteur.ma will also use the funding for expansion in Ghana and Morocco respectively.