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VC4Africa members Johann Jenson & Mikul Shah raise US$ 200,000 in seed funding

By Miguel Heilbron on May 22, 2013

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Kenya based short-term accommodation marketplace SleepOut has raised US$200,000 in seed funding! Congratulations to the co-founders of SleepOut, VC4Africa members Johann Jenson and Mikul Shah! The funding round is led by Amsterdam-based Africa Media Ventures Fund (AMVF), also part of VC4Africa’s investor network.

The Kenya based company SleepOut, where users can find, offer and book unique accommodation online launched its BETA site in June 2012. The seed funding will finance expansion across markets in Africa and the Middle East.

Johann Jenson, CEO and co-founder of SleepOut remarked that, “in taking this big step forward we wanted a partner that could bring their wealth of industry expertise to see SleepOut consolidate its position as the region’s leading social accommodation marketplace and we look forward to working together as we expand across the region”. Lot Carlier, Managing Partner at AMVF remarked: “We are truly excited to embark on this venture. As internet penetration and e-commerce increases on the continent a new consumer class is emerging and SleepOut is simply in the right place at the right time. We are confident that SleepOut will provide a best-in-class service across these expanding markets.”

In addition to announcing the seed funding, SleepOut introduced NOMAD, an online travel and lifestyle magazine focused on Africa and the Middle East. A first of its kind in the region, the site offers an attractive user interface allowing users to read and submit travel stories for publication by the magazine’s editors.

“SleepOut provides choice, efficiency and piece of mind for travellers wishing to discover a rapidly modernising Africa. The concept is simple: SleepOut connects travellers looking for unique and affordable accommodation with hosts who have a place to offer” said Mikul Shah, COO and co-founder. The company aims to re-launch the platform with accommodation offerings in 10 countries across Africa and the Middle East by late 2013.

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Check out SleepOut’s VC4Africa venture profile. Also read an earlier interview with Lot Carlier from the Africa Media Ventures Fund.

Entrepreneurs who want to get noticed by investors can join VC4Africa, add their venture and make a fundraising request. Also see VC4Africa’s five steps to fundraisingWe recently profiled 40 investors from the VC4Africa investor network. If you are an investor interested to meet entrepreneurs fundraising on VC4Africa, sign up here.