A group of investors led by Investisseurs & Partenaires (I&P) has backed StarNews, a mobile video platform, giving the 3-year-old business a valuation approaching $10 million. The Paris-based impact investment firm teamed up with Expert DOJO, a California-based accelerator, and a group of angel investors to back StarNews with a total of $1.8 million. Of the total amount invested, I&P is investing $1 million via its I&P Afrique Entrepreneurs 2 Fund, (IPAE2 ), and now holds a stake sized between 10% and 20% according to people with knowledge of the deal. Nouss Bih, an investment director based at I&P’s offices in Abidjan, led the transaction for the firm.
This is the first amount of external capital raised by StarNews which was founded by Cameroonian entrepreneur Guy Kamgaing in 2017 and today has a presence in the markets of Côte d’Ivoire, Cameroon, Congo and South Africa. The company offers video content creators a digital platform to create, produce, and distribute their content to mobile subscribers, earning a share of the revenue generated by their content.
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