August 29, 2014 - African Capital Alliance (ACA) today announced its investment in Wakanow, Nigeria’s leading online travel agency (OTA).
Wakanow was founded in 2008 to address the complex challenges customers face when booking travel in and from Nigeria. It uses an innovative online platform, mobile technology as well as travel centers (physical locations) to help customers book a broad range of travel products and services with speed, convenience, and transparency. These include flight tickets, hotel reservations, airport transfers, visas and tour packages.
Leveraging on a proven business model, an experienced management team and strong growth since inception, Wakanow has emerged as a clear leader in the OTA sector in Nigeria. Through its partnership with ACA, Wakanow will expand its IT infrastructure, support team, travel centers and product offerings across West Africa. ACA will also leverage on its extensive network of contacts to help diversify Wakanow’s current retail operations to include corporate customers and agents. This will significantly boost Wakanow’s capabilities and service offerings and support the company’s goal of becoming the premier OTA player in the region.
Speaking on Wakanow’s growth prospects, ACA Partner, Paul Kokoricha said: “Wakanow has a strong management team with a good track record. The West African travel market is expanding and there are tremendous opportunities for growth. ACA is thrilled to partner with the company as it extends its reach across the region.”
Mr. Obinna Ekezie, co-founder and Managing Director of Wakanow, commented on the investment deal stating: “We are excited about the recent investment by ACA, a pioneer investment fund in Nigeria. This investment will help us maintain our leading position in the Nigerian market and will support our expansion strategy into the West African region. We are pleased with the local and Pan African investment knowledge and partnership ACA brings to us and we look forward to working closely with them going forward.”
ACA is currently investing out of its third fund (CAPE III), a $400 million private equity fund.
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Source: African Capital Alliance.