Startup raises €400k in 3 days

Afrimalin, francophone Africa-focused free classified ads website has successfully completed its first closing of EUR 400,000 only a month after its launch.

The Milchior family, owner of the French group Etam; David Kalfon, CEO of the French Investment Fund Amaika Asset Management; Yannick Naud, a London-based financial trader are part of the early investors in the company.

Afrimalin closed its first round in only 3 days and even had to decline key investors offers once it reached its financial target.

“We rapidly raised a significant amount of capital with key investors. It proves the market’s confidence in our solution and strategy”, said Mamadou Niane, Afrimalin’s co-founder and Chief Operating Officer.

Afrimalin was launched on September 15th, 2016 in 8 Francophone African countries. The tech start-up has already recorded almost 100,000 visitors per month, and has built a community of over 140,000 members on its social medias.

The capital raised aims at supporting the rapid growth of Afrimalin. The funds will mainly be allocated to the development of a new website and a mobile application in 2017.