LAfricaMobile Raises €4.3 Million in Series A Funding to Expand in French-Speaking Africa

The participation of these high-profile investors underscores their confidence in LAfricaMobile's strategic vision and growth potential in the burgeoning market of French-speaking Africa.

At the launch of GITEX AFRICA, the Meeting of Francophone Entrepreneurs (REF), and the African CIO Awards, LAfricaMobile announced it has secured €4.3 million ($4.6 million) in Series A funding. This significant fundraising will enable LAfricaMobile to strengthen its financial position and accelerate its expansion across French-speaking Africa.

CEO and Co-founder Malick Diouf highlighted that the funds will be used to enhance the company's operations in Central Africa and further develop its product offerings, particularly through the integration of artificial intelligence to provide greater value to customers and partners.

Leading Investors and Strategic Vision

The funding round was led by Janngo Capital and included prominent investors such as:

Aurélien Tchouaméni and Jules Koundé, vice-champions of the French Football team.

Karim Jouni and Jihed Othmani, founders of Expensya.

Investment funds SouthBridge Investments and Ciwara Capital.

The participation of these high-profile investors underscores their confidence in LAfricaMobile's strategic vision and growth potential in the burgeoning market of French-speaking Africa.

Investor Statements

Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, expressed admiration for LAfricaMobile’s vision and team:

“We are impressed by LAfricaMobile’s vision, the caliber of their team, and their technological solutions offering unique services in a huge market. Their value proposition at the intersection of telecommunications, marketing, and financial services efficiently addresses a combined market projected to hit US$150 billion by 2030. We are honored to lead this funding round as a cornerstone investor to support both the expansion of their offering and geographical footprint while improving the accessibility of local content.”

Karim Jouini, Founder of Expensya, emphasized the transformative potential of LAfricaMobile:

“I really believe that entrepreneurs like Malick have the ability to transform African markets and local innovation; in short, exactly the kind of projects Jihed and I like to invest in!”

Frannie Lauthier, CEO of SouthBridge Investments, added:

“At SouthBridge Investments, we support companies that are making a unique contribution to furthering the digital economy with solutions at scale. LAfricaMobile has not only demonstrated that it can do that in one country but through its dynamic leadership is leading the way to scaling solutions across other geographies.”

Path Forward

With this fundraising, LAfricaMobile is poised to continue its rapid and sustainable development in French-speaking Africa. The company has already supported over 300 companies in Africa and established more than 60 partnerships with telecom operators across the continent.

Malick Diouf expressed gratitude to all stakeholders who have contributed to the company's growth, including:

Historical investors Teranga Capital and Abysse.

Ecosystem partners NTF5, OPTIC, SenStartup, CTIC, ARTP, ADEPME, DER, 3FPT, H7, Stanford Seed Program.

Telecom partners: regulatory authorities, operators, MVNOs, and aggregators.

All customers and employees.

“Our ambition is to support all companies wherever they are in Africa in their relationship with their customers using mobile technologies,” Diouf assured.