Project of Ukrainian Genesis raises $21M. It’s an African classifieds site Jiji
The African online classifieds website Jiji has raised $21 million in Series C financing from six investors led by Knuru Capital, as reported by TechCrunch.
- Jiji is a portfolio asset of the Ukrainian company Genesis. It has been developed since 2014. Jiji operates in Nigeria, Kenya, Ghana, Uganda, and Tanzania.
- Previously, Genesis acquired OLX in five local markets to strengthen the project. According to AIN.UA, the deal could have been worth between $1.5 million and $3.4 million.
- The monthly audience of the project is about 10 million users.
- Currently, the site has 2 million listings worth over $10 billion, said Vladimir Mnogoletniy, co-founder and board member of Jiji.
- The Jiji’s total capital raised is close to $50 million. Among investors are Digital Spring Ventures, Horizon Capital, Redseed, TA Ventures, and others.
We use a unique opportunity to work in one of the last markets, which are not monopolized by classifieds website. Thanks to the developed local presence of Knuru Capital, the fund has a deep understanding of the region.
Anton Volyanskiy, CEO and co-founder of Jiji
Market and Round details
- The total project market is over 400 million people. Most of them place ads for the sale of vehicles, real estate, and electronics.
- Jiji plans to use the investment raised to increase the number of buyers, sellers, and the number of transactions. The company also plans to improve the functionality of the platform.
- There are no plans for country expansion or new acquisitions so far, said Vladimir Mnogoletniy to TechCrunch.