Malick Diouf, LAfricaMobile CEO
Senegal-based telecommunications company, LAfricaMobile has raised $7 million in a Series A funding round, reaching a major milestone in its growth journey. French state-backed investment bank, Bpifrance, partnered with a consortium of high-profile investors like Janngo Capital, Southbridge Investments, and Ciwara Capital. Having reached this point, expansion in the Francophone African market is just on the horizon.
This funding round comes off the back of successes in earlier funding rounds. The company raised about €500,000 in seed funding in 2020. It also secured €4.3 million in the first tranche of its Series A in April of 2024. Janngo Capital and Southbridge Investments were notable participants in those earlier rounds. Individual investors like French footballers Aurélien Tchouaméni and Jules Koundé also joined the fray.
LAfricaMobile plans to direct the funds towards strengthening its presence in Central Africa and enhancing its product offerings through advanced AI integration.
Malick Diouf, a telecommunications engineer, founded LAfricaMobile in 2014. The company specializes in cloud communication and artificial intelligence (AI). With its platform, LAfricaMobile connects businesses with their customers using a wide array of mobile technologies including SMS. USSD, voice messaging, Whatsapp, airtime top-ups, and text-to-speech tools. These functionalities have helped the company gain traction with clients across various sectors – banking, healthcare, education, insurance, and agriculture.
The company has its headquarters in Senegal’s capital, Dakar and its operations span across 15 countries. LAfricaMobile has processed over 100 million transactions since its inception. It has been so succesful due to its focus on building an inclusive digital ecosystem. In addition, itse partnerships with NGOs, media outlets, government agencies, and telecom operators have allowed it to extend its reach and impact.
“This funding round not only reflects investor confidence in our vision but also empowers us to accelerate digital transformation for businesses across Francophone Africa. Our goal is to make mobile communication inclusive and impactful for communities, ensuring our services address both enterprise needs and societal challenges.” said Malick Diouf, CEO of LAfricaMobile
“LAfricaMobile is at a transformative juncture, combining the dynamism of African innovation with the robust growth of the digital economy. This funding will help us meet the demand for reliable and scalable solutions that empower organizations to engage with their audiences effectively.” Raymond Mendy, Executive Director of LAfricaMobile added.
Fatoumata Bâ, founder of Janngo Capital, commented on LAfricaMobile’s innovative approach. “Their value proposition uniquely addresses the intersection of telecommunications, marketing, and financial services, targeting a market projected to exceed $150 billion by 2030. We are proud to support their expansion.”
“Entrepreneurs like Malick Diouf are shaping Africa’s future through local innovation. Their ability to transform markets and deliver solutions at scale exemplifies the transformative potential of Africa’s tech sector.” said Karim Jouini, co-founder of Expensya and an investor in LAfricaMobile.
The latest funding round highlights the growing synergy between African tech startups and global investors. This infusion of capital adequately arms LAfricaMobile for digital transformation and redefinition of mobile communication in Africa.
