CoinAfrique; a Senegalese fintech start-up, and Kenya’s African Management Initiative (AMI) have secured undisclosed funding from an investment firm, Investisseurs & Partenaires (I&P).
The fund appears to be the first set of funds released from the coffers of the investment firm’s IPAE 2 Fund – capital machinery that is believed to be worth up to USD 59 Mn.
Established in 2015, CoinAfrique is a mobile platform that enables users to buy and sell products within its community of users while AMI is a workplace learning company that combines both online and in-person training in reaching out to a considerable number of people in some African countries.
Having launched in 2014, AMI will be looking to put the funds to use in the area of expanding its reach in markets where it already has a presence, as well as drive entry into new ones. CoinAfrique is putting the fund in strengthening of its team in markets where it is operational on the front burner.
“More and more, we meet companies such as Afribon, AMI or CoinAfrique, aiming for multi-country expansion. Besides, African companies are increasingly integrating new technologies into their service offering or business model,” said Jérémy Hajdenberg, Chief Investment Officer at I&P.
I&P has demonstrated a commitment to supporting the growth and development of a sustainable and dynamic private sector in Sub-Saharan Africa.
In 2017, the investment firm is reported to have announced the first close of the IPAE 2 Fund; a fund which is considered as having its sights on making investments in small and medium-sized African enterprises.