Australian-based online employment marketplace, Seek, has pumped $10 million (about (Ksh900 million at current rate) capital in One African Media (OAM).
This investment is part of $20 million that the company shared with Babajob.com, its first investment in the Indian market, which Seek diluted 38% of the equity interest. The $10 million investment is an additional 6% equity ownership in One Africa Media, in which Seek first invested in June 2013. These investments were funded via Seek’s cash reserves, and all proceeds will be going in to the businesses.
From previous Seek’s investments, OAM has increased its equity ownership in all its subsidiaries, For instance, it now owns 100% of Jobberman and BrighterMonday. There has been an acquisition in property in Kenya and general classifieds in Zimbabwe.
OAM owns, operates and invests in a portfolio of leading online marketplaces across jobs, cars, real estate and travel. Its businesses, which operate in Nigeria, Kenya, South Africa, Ghana, Uganda, Tanzania and Zimbabwe, offer exposure to markets with rapidly growing Internet and mobile penetration rates.
“Online employment is our most important vertical and Seek have been extremely valuable strategic partners as we expand our reach and relevance across Sub Saharan Africa,” says Mr Justin Clarke, co-founder and CEO, One Africa Media.
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