Senegal’s CoinAfrique Raises $3.1 Series A Funding

Senegal’s CoinAfrique has raised a  Series A funding of USD 3M their stake in Francophone Africa is only set to grow. They claim to be the “most downloaded classifieds app in French-speaking Africa,” with aims of superseding 10 million monthly users by 2022.

Launched in May 2015, CoinAfrique connects online sellers and buyers in 16 African countries and has more than 150,000 active users. Its hub is in Dakar, Senegal, but it has also established offices in Cotonou, Benin; Lomé, Togo; Abidjan, Ivory Coast; and Kinshasa, Democratic Republic of Congo (DRC).

“The successful fundraising highlights the fact that CoinAfrique has positioned itself in a booming market and will allow us to accelerate our activities on our existing markets, while serving new countries and continuing to develop the best user experience, one that is always closest to the needs of our community of buyers and sellers,” said Matthias Papet and Eric Genêtre, co-founders of CoinAfrique.

“Indeed, CoinAfrique offers an innovative classifieds offer, based on the growing use of new technologies and adapted to the consumption habits of young people, a rapidly expanding age group,” he said.

“We are happy to support CoinAfrique in this new stage of its development so as to maximize its impact on small urban businesses in the region, be it in terms of sales growth, job creation or formalizing and structuring of these businesses.”