SleepOut, has received a 16.8 Million cash investment from Africa Media Ventures Fund (AMVF). According to Business Daily the Dutch based Africa Media Ventures Fund (AMVF), will acquire an undisclosed stake in SleepOut.com for its injection of $200,000 into the business.
SleepOut plans to use the cash for re-launch of its website and entry into 10 countries across Africa and the Middle East by late this year. Here are the words from SleepOut CEO Johann Jenson
“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,”
SleepOut which was started by Mr. Mikhul Shah has listed over 700 accommodation destinations so far.