In a press release by Saltside Technologies, the company revealed that they have just secured an investment worth $40m courtesy of the trio: Hillhouse Capital, Brummer & Partners and AB Kinnevik.

The new funds, according to the release, will be used to reinforce the company’s leadership positions in existing markets and expand into frontier markets. It will also aid the company accelerate investments in product development and brand building and fuel the growth of classified platforms in Bangladesh, Sri Lanka and Ghana.

The introduction of significant new shareholders is an important milestone in Saltside’s journey. We are delighted to welcome Hillhouse Capital and Brummer & Partners, two marquee investors, as shareholders in Saltside. The company will benefit from their deep sector expertise and local insights respectively as well as their long-term perspectives. We look forward to consolidating the company’s leadership positions in existing markets and selectively pursuing further growth opportunities with the additional resources now available, Group Investment Director at Investment AB Kinnevik, Chris Bischoff, opines.

Saltside, founded in 2011, places emphasis on building leading online marketplaces in underserved markets and creating sustainable values for the community.

Olumuyiwa Coker Author

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