Australian- based online jobs website Seek has invested an additional $10 million in African online classified firm One Africa Media (OAM).
With the capital injection OAM’s valuation has increased to $100 million, while Seek’s stake in the technology firm has risen to 30 percent with a total investment of $30 million.
Seek made its first investment worth $20 million in OAM in 2013. By then, the African firm was valued at $80 million, according to gx.digital
OAM owns, operates and invests in a portfolio of online marketplaces across jobs, cars, real estate and travel, operating across several countries in the African continent including Nigeria, Kenya and South Africa.
“Seek has been pleased with the performance of OAM as it continues to execute its key strategic objectives of growing market leadership,” Seek’s International Corporate Development Director Ronnie Fink said.
Please With Performance
“Our increased investment reflects the confidence we have in the business and we look forward to continuing to work alongside management to build leader businesses in these fast growing markets.”
According to TechMoran, OAM has already use the additional capital to acquire 100 percent stake in job placement sites Jobberman, which operates in the Nigeria and Ghana, and BrighterMonday, which is based in Kenya and focuses on employment opportunities across east Africa.
OAM also plans to expand its property, jobs and cars marketplaces to new markets. Last year it acquired part of BuyRentKenya and a general classifieds in Zimbabwe.
The company already operates in Nigeria, Kenya, South Africa, Ghana, Uganda, Tanzania and Zimbabwe. It was launched in 2012 after Kenya-based Carey Eaton and South Africa-based Justin Clarke merged their classified businesses.
New York-based investment manager, Tiger Global, owns a controlling stake in OAM.