Australia’s SEEK makes an investment of US$ 20 million in Carey Eaton’s One Africa Media.
This news just broke and boy its HUGE. Carey Eaton, a good friend and fellow techpreneur just got SEEK, Australia’s largest careers web site to make a massive investment of US$ 20M into his One Africa Media. More details follow:
- SEEK invests US$20m for a 25% stake in One Africa Media
- OAM owns market leading businesses in Jobs, Cars, Real Estate and Travel
- Exposure to early stage high growth African markets
- Partnership with Tiger Global (53% equity ownership)
SEEK today announced that it has invested US$20m for a 25% stake in One Africa Media (“OAM”). Following the investment in OAM, SEEK will appoint one Director to the Board, hold typical minority shareholder protections and will account for OAM as an Associate. The investment has been funded via SEEK’s cash reserves. Post-investment SEEK’s Net Debt balance is A$260m.
About One Africa Media
OAM owns, operates and invests in a portfolio of leading online marketplaces across Jobs, Cars, Real Estate and Travel, comprising of:
- Jobs: Jobberman (Nigeria) & Brighter Monday (Kenya)
- Cars: Cheki (Kenya, Nigeria)
- Real Estate: Private Property (South Africa, Nigeria)
- Travel: Safari Now (South Africa)
OAM’s businesses and operations are in countries with rapidly growing internet and mobile penetration rates. OAM has a track record of revenue growth but is investing in building marketplaces and is not currently profitable. OAM will utilise the majority of SEEK’s investment to fund further growth in its portfolio and will continue to re-invest to capture the large market opportunities across Africa. Post-transaction, OAM will have a cash balance of approximately US$ 22 million.