Live Ad Limited to expand outdoor ads in Kenya after Fanisi Capital Limited acquired a minority stake
Live Ad Limited is an outdoor advertising business venture in Kenya that operates over 200 billboards in Nairobi. The company has received funding from Fanisi Capital Limited, a venture firm that manages US$50 million Fanisi Venture Capital Fund, in exchange for a minority stake. The funding is meant to expand Live Ad outdoor advertising business across Kenya over the next four years and in particular enable Live Ad grow presence in new towns in the country.
According to Live Ad CEO James Maina, this will enable the firm to aggressively grow the number of billboards it owns and achieve its expansion strategy much easier. He said, “As part of our growth and differentiation strategy, we will increase our product range, offer more value adding services to clients and provide quality customer service. This partnership with Fanisi will make Live Ad’s path to success much easier. We will continue to focus on quality product and customer loyalty”.
This is the first time Fanisi Capital Limited is investing in outdoor industry, and according the Managing Partner Ayisi Makatiani, investment in Live Ad Limited will help transform Live Ad from an already successful business to a market leader. “We have bought into this vision, and endeavour to support the entrepreneur and the business to deliver it. Live Ad’s partnership with Fanisi will provide the impetus needed to take the Company through its growth vision, establishing itself as a strong regional player. This is expected to make a positive contribution to the immediate community through its economic development”, said Makatiani.
Outdoor advertisement has remained a cake for Magnate Ventures and a few other players to divide, and the new partnership between Live Ad Limited and Fanisi Capital Limited might be what the industry needed to imbalance the status quo. The sector is now expected to follow a high growth trajectory as more businesses set up in the region.
This is not the first time Fanisi is investing in Kenya. Other Fanisi business portfolio in Kenya include the Haltons, a retail pharmacy chain currently operating over 25 outlets in Nairobi; and Ngare Narok Meat Industries, which owns a modern abattoir in Rumuruti and distributes quality meat across the country. Fanisi’s investment in the education sector includes Hillcrest International Schools, a group of premier learning institutions focusing on British curriculum. The fund is also an investor in two Rwandese businesses, Minimex, a maize milling operation that is involved in the maize value chain (sourcing, drying, storing, trading, purchasing, milling maize for human consumption, and animal feed production); and Sophar, a pharmaceutical wholesaler/distributor.