The Series B round brings total investment for Afrimarket, which is based in Paris and Abidjan (Ivory Coast), to €13 million euros. The company was established in 2013.
The round included British investment fund Global Innovation Fund, which finances social innovation in the developing world, and PROPARCO, a subsidiary of the Agence Française de Développement (AFD) , France’s official development assistance to developing countries.
Other Afrimarket backers include Orange, Priceminister co-founder Olivier Mathiot, super angel and entrepreneur Xavier Niel, and Vente-privéé founder Jacques-Antoine Granjon.
Afrimarket allows people to pay for products and services for their families at home in (mostly West-)Africa, providing a modernised and secured alternative to remittance.
The service is available in Ivory Coast, Senegal, Cameroon, Benin and Togo.