Kibo Capital Partners is part of an investor group backing an extension round for an Ivorian B2B fintech startup. The Mauritius-based private equity fund manager is making the investment in Julaya, the startup, via Kibo Ventures, a new evergreen venture investment vehicle alongside a group of new and existing investors led by Speedinvest, a European venture capital fund. The other participants in the $5 million round are EQ2 Ventures, Unpopular Ventures, and Jedar Capital, as well as some of the startup’s existing investors such as Orange Ventures, Saviu, and 50 Partners. A group of angels also took part including Edouard Meny, Chelsea Football Club’s goalkeeper who plays for Senegal’s national soccer team.
Julaya will use the capital to expand its operations in West Africa and open new offices in Benin, Togo, and Burkina Faso. The startup will also invest in its product development activities as well as hire more people to help it achieve its expansion goals. Launched in 2018 by two former executives of French payments fintech LemonWay, the firm already employs 50 people in its existing offices in Abidjan, Dakar, and Paris.
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