Fuzu.com closes €1.75-million investment round
05 Dec 2016
Finnish-owned start-up jobs site Fuzu.com closed a €1.75-million ($1.9-million U.S.) funding round from three Finnish firms, namely Finnfund, a development finance institution, Barona, a work solutions company and Polkuni, a business development firm. Fuzu.com is based in Kenya.
The investment has been agreed to come in tranches with Finnfund contributing €500,000 in the first phase, and ” … a possibility of extending (its involvement) to €1.5 million”.
Barona will invest €150,000 and Polkuni will inject €100,000 in a second phase.
The fresh capital injection will enable Fuzu, which was founded in Kenya last year, to expand its business faster and expand to other African countries and Asia. Fuzu.com, currently has about 180,000 registered job seekers, 300 partnering employers and recorded 140,000 visits in October.
ROAM’s BrighterMonday.co.ke, Kenya’s leading job site, counted 707,200 visits in the same month, according to SimilarWeb.
To distinguish itself from the plethora of local job boards, and rise to a leading market position, Fuzu added an “intelligent career development and learning product” to its jobs site. For employers, the platform offers advanced search and recruitment solutions with competence evaluation and algorithm-based ranking to identify the best-fitting candidates.
The potential for growth is significant, as there will be more than 120 million people entering the job market between 2010 and 2020 alone, making Africa the largest job market globally by 2040.
“Youth unemployment is one of the most significant challenges of our time, and unless solved will lead to social instability with serious global repercussions. Large part of our users have never received any type of career guidance or participated in professional education.
“Our vision is to provide hope to millions of users with a digital service that continuously encourages them to fulfil their potential and prepares for alternative career paths, from formal employment to entrepreneurship and self-employment,” said CEO of Fuzu Limited Jussi Hinkkanen.
Expanding so quickly, might be too much to chew for the company, but its investors do bring hands-on experience of emerging markets, job markets and learning.