Jiji raised $21 million in a Series C and C-1 financing from six investors, led by Knuru Capital.
Series C funding is a company’s third injection of investment from external investors. Before this, the business is mature and its owners have convinced venture capital firms or other investors that they have a viable business and the investors are generally encouraged about its long-term profitability.
The Nigeria-based company has a presence in other African countries like Ghana, Uganda, Tanzania, and Kenya.
Jiji is used as a craigslist-like service to transact purchases from real estate to commodity in those markets.
“We are the largest marketplace in Africa where people can sell pretty much anything…We are like a combination of eBay and Craigslist for Africa,” Ukrainian co-founder Vladimir Mnogoletniy told TechCrunch.
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The company’s total capital raised from 2014 to 2019 is now $50 million with this round of funding.
Knuru Capital CEO, Alain Dib confirmed the Abu Dhabi-based fund’s role in Jiji’s most recent round of funding.
Jiji’s plan is to use the latest investment toward increasing the overall number of buyers, sellers, and transactions on its site.
It will also upgrade its platform to create more listings and faster matching in the area of real estate, according to Mnogoletniy.
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Jiji sees the potential of opening its platform to 400 million people across its operating countries, according to Mnogoletniy.
The venture bought Naspers-owned online marketplace OLX swallowing on of its competitors. OLX until the acquisition was operational in Nigeria, Ghana, Kenya, Tanzania, and Uganda in April this year.
The company’s top three categories for revenues and listings are vehicle sales, real estate, and mobile phones.
Jiji is being brave especially in the economic climate in which many classifieds platforms have shut down in recent years. The bigger platforms also are struggling due to limiting factors like poor economic conditions, poor internet penetration, and high internet costs.
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