Mdundo on Friday listed its shares on the Nasdaq First North Growth Market aimed at raising additional funds for its growth into new African markets.
The Kenyan-based streaming platform will be trading on Nasdaq Copenhagen in Denmark, after a two-week presale period that raised $6.4m.
During the period, the company’s share sale offer was oversubscribed by 111% from 2,914 investors.
“Mdundo currently has 5 million monthly users, but our potential is more than 30 times greater,” Mdundo CEO Martin Nielsen said. “With a steep growth curve and a very scalable solution, we plan to invest further in user growth to increase our market coverage to the whole of sub-Saharan Africa.
“Within approximately three years, we will have established Mdundo as the leading pan-African music service for consumers and musicians. This way, we would achieve in Africa what Spotify has achieved in the West and what Tencent has achieved in Asia.”
The head of listing at Nasdaq Copenhagen, Carsten Borring, said: “With the listing of Mdundo’s music service solution, we continue the important investment in Danish technology startups, which will ensure continued growth, development and innovation, as well as the jobs of the future.”