Classified ads platform, CoinAfrique raises €2.5 million

Classifieds ads platform, CoinAfrique has raised €2.5 million (about $3 million USD) from several investors in its bid to become the leading mobile classifieds service in French-speaking Africa.

Launched in May 2015, CoinAfrique claims to have more than 150,000 monthly active users in 16 African countries including Senegal, Benin, Togo, Ivory Coast and Democratic Republic of Congo.

The platform claims to be the most downloaded mobile application for classified ads in French-speaking Africa with more than 600,000 downloads.

The new funding from Investisseurs & Partenaires (I&P), an impact investment funds manager dedicated to small and medium-sized businesses in sub-Saharan Africa, and a pool of investors represented by French Partners and Mercure International, a leading retailer in French-speaking Africa, will help the platform develop its model on a larger scale and reach a critical user mass.

The classified ads platform aims to exceed 10 million monthly users by 2022 through its mobile app, which is available on the Google Play and Apple Appstore.

[via: Press Release]