Kenyan-based online recruitment platform Fuzu has raised US$3.8M (€3.4M) Series A investment round led by Sparkmind.vc.
Sparkmind.vc, a new Nordic education-focused venture capital fund has acted as a lead investor in Fuzu Series A, making an investment of US$1.69 million (€1.5m) on Fuzu’s €3.4 million Series A.
The investment will go towards supporting the development of the next phase of the Fuzu.com platform and learning proposition, and to help in strengthening the team across its core markets while accelerating expansion across Africa.
“We are impressed about Fuzu team and what they have built so far, and we look forward to working with Jussi and his colleagues. Fuzu fits well in our investment focus as a prime example of digitally distributed, personalized lifelong learning solution that can be made accessible to tens of millions of users.”, says Sparkmind.vc Partner Vesa Laakso.
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To date, Fuzu has a community of close to a million users in Kenya and Uganda and more than 1,000 organizations have used the platform for finding and nurturing talent. The potential for growth is significant with the African working-age population more than doubling 2020 and 2040 to 1.1 billion people, making Africa the largest job market globally.
”We firmly believe that every human being is born with talent and that every organization wants to maximize their value to their clients. But lack of access to opportunities, support and talent make career builders and organizations fall short of their true potential. We change this by providing access to opportunities and personalized learning and guidance; and by ensuring that organizations can access just the right talent and market data, maximizing their chances for success. Our aim is to transform the African job markets and to help people learn and grow throughout their careers.” says CEO of Fuzu Limited Jussi Hinkkanen.
Other investors in this Series A include Finnfund, Cornerstone Enterprises, Aucfan Incubate, Seedstars International, Kepple Africa Ventures and Barona as well as a group of individual investors.
Founded in 2013 by Jussi Hinkkanen and Jussi Impiö in Finland and 2015 in Nairobi, Fuzu’s platform provides career counselling, learning solutions and information about open positions and industry updates, providing support and guidance at different stages of a candidates’ career. Job seekers can upload their CVs and cover letters on the site while companies can advertise open positions on the platform.
Fuzu has received grants from global institution including the Rockefeller Foundation. And in 2016, they raised US$2.0 million (€1.8m) seed round from the Finnfund (Finnish Fund for Industrial Cooperation Ltd.).