French mobile classifieds app CoinAfrique has received an undisclosed investment from Trace. Founded by Matthias Papet and Eric Genetre, CoinAfrique has offices in five countries of francophone Africa. Among the investors are Mercure International, an investment firm focused on small and emerging companies, and I&P, a French impact investment fund. The company also has backing from Mercure. However, the success of CoinAfrique will depend on its ability to overcome challenges in the market.
Founded in late 2014, CoinAfrique is an afro-urban classifieds startup with an innovative approach to the classifieds market. The company's development team, which is based in Senegal, was backed by investors from the I1P group, a pioneer in impact investing in Sub-Saharan Africa. In addition to its investors, the company has the support of Trace, a French-speaking media group that specializes in afro-urban music. In May 2017, the app was launched in Benin and has expanded to five other African countries. The founders expect CoinAfrique to grow to more than ten million users by 2022.
The CoinAfrique team is made up of mostly African-American employees and is committed to providing a high-quality customer service. Its turnover rate is relatively low, and most members enjoy stable incomes. Their working conditions are excellent, and they feel proud to work at a startup in their native country. The startup is currently undergoing an intense phase of growth, with a goal of reaching 10 million monthly users. If successful, CoinAfrique could become the dominant mobile classifieds platform in francophone Africa.
