Nomanini secures further $450k for expansion
By Tom Jackson, South Africa
South African electronic prepaid service distribution platform Nomanini has announced it has received US$450,000 in funding from the Industrial Development Corporation (IDC) to expand outside of Africa.
The latest round of funding for Nomanini, which has operations in South Africa, Kenya and Mozambique and is set to expand into Nigeria, Guinea and Somalia shortly, takes the company’s total raised capital to over US$2.3 million after it secured investment from Seychelles-based investment company Rockbridge Investments in February.
Grant money from the IDC will enable Nomanini to scale its operations internationally, while also streamlining its fulfillment process and recruiting further staff.
Chief executive officer (CEO) Vahid Monadjem said he had started the company in order to bring the power of the mobile revolution to needy communities, with the company partnering with local firms in each of the markets in which it operates to create a locally relevant product.
“Our experience with South Africa’s IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors,” Monadjem said.
He encouraged more entrepreneurs in South Africa to utilise the IDC.
“The representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful,” he said.
Following its last funding round, Nomanini appointed ex-Google United Kingdom (UK) manager Kuda Mushambi as chief commercial officer (CCO), who said he was looking forward to joining the team at such a critical time.
“The applicability of Nomanini’s technology across different industry verticals, in virtually every geography worldwide and towards an immense number of people make this a transformational company that I’m proud to join,” he said.