Job portal start-up Fuzu.com has taken its first steps towards expansion with several Nigerian companies currently advertising jobs on the platform.
Jaakko Kangasniemi, CEO of Fuzu’s investor Finnfund says money has been made available immediately for the job portal to act on its strategy, although he could only confirm that Nigeria is the first African market where they are now active outside of Kenya.
"We have signed the contract ... how they manage the process is now up to them. They can now proceed. No additional rationale for the rest of the funding to be allocated will be required, but that is always useful in this type of financing. There are certain milestones that they need to achieve," Kangasniem told ITWebAfrica.com.
Finnfund revealed that their contribution in the first phase will be €500,000, and Kangasniemi told ITWeb Africa that details on how the rest of the funds would be made available to the startup and the criteria that would be used are not going to be communicated publicly.
The other investors, Barona and Polkuni Oy will each invest €150.000 and €100.000 respectively during the first round of investment which bring the total funds to €750 000.