African music service Mdundo, which listed on the Danish stock exchange (the Nasdaq First North Growth Market) in September, saw its monthly active users grow 39% from 5 million in June, to 7m in December.
Mdundo is now targeting 9m MAUs by June 2021 and 18m by June 2022 according to the company’s Half-Year report July 1- December 31, 2020.
The company’s fastest growing region was Western Africa according to the financial update.
Mdundo has also announced a telco partnership with Vodacom Tanzania, effective January 4, 2021, which the company says attracted 5,000 “paying beta-subscribers” in December 2020.
Established in Kenya in 2013 and headquartered in Denmark, Mdundo is available to users worldwide, but focuses on 15 African markets including Kenya, Tanzania, Uganda, Nigeria, Ghana, Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa and Namibia.
The company also claims to work with more than 60,000 artists from across Africa as well “as some of the world’s leading record labels”.
Elsewhere in its half year report, Mdundo reveals that it had 1.4m “international music tracks” on its platform at the end of the period in addition to over 262,000 uploaded directly to Mdundo.com. The company reports that direct uploads were up 58% year-on-year.
The fastest growing region for direct uploads, according to Mdundo, was Western Africa with 197% growth year-on-year.
Mdundo reports that its revenue during H2 2020 (July 1 to December 31) was DKK 1.3m (approximately $212,192.93).
This revenue was generated primarily from advertising, which was by 50.6% up from DKK 863,000 ($140,870) for the same period in the prior year.
The company has grown from 12 full-time employees and 11 full-time consultants to 16 full-time employees and 17 full-time consultants within this period.]
Mdundo listed on the Danish stock exchange (the Nasdaq First North Growth Market) in September to accelerate its growth in sub-Saharan Africa.
Mdundo issued 4,000,000 new shares at an offer price of DKK 10 per share, raising DKK 40.0 million (approximately $6.4m).
Based on the offer price, Mdundo’s market cap value is DKK 102.0m (approximately $16m).
The company’s share offer was oversubscribed by 111% during its two week tender period between August 17-28