Saviu Ventures, a leading venture capital firm in Francophone Africa, has made a strategic investment in doo!, an innovative mobile platform revolutionizing access to essential services in Côte d’Ivoire. The investment, the amount of which remains undisclosed, marks a significant endorsement of doo!’s mission to streamline daily transactions for millions of Ivorians through a vast network of Mobile Money agents.
Founded in 2023 by Olivier Cechura, doo! has rapidly emerged as a transformative platform that consolidates essential services, making them easily accessible to the average Ivorian. Through its network of Mobile Money points, the platform offers a range of services including bill payments for utilities, banking services, transportation tickets, digital subscriptions, and entertainment options. This approach not only simplifies access to these services but also boosts revenue opportunities for Mobile Money agents across the country.
In West Africa, Mobile Money has become an integral part of daily life, with approximately 90% of the population visiting at least one Mobile Money point weekly. Côte d’Ivoire alone hosts 100,000 of these points, out of a total of 600,000 in Francophone Africa. doo! leverages this widespread infrastructure to create a one-stop solution for various essential services, thus transforming each Mobile Money agent into a multi-service hub. This model is particularly vital in a region where access to financial services and digital platforms remains limited for large segments of the population.
For service providers, doo! offers an efficient distribution channel that circumvents the need for costly investments in physical infrastructure. By integrating their services into the doo! platform, companies can reach a broader audience more quickly and efficiently, driving growth and customer engagement.
Saviu Ventures’ investment in doo! comes as part of the firm’s broader strategy to support early-stage startups in Francophone Africa through its second fund, Saviu II. The fund, which achieved its first close at EUR 12 million in November 2023, aims to back promising tech-enabled companies with investments ranging from EUR 500,000 to EUR 3 million. Saviu Ventures has a track record of nurturing startups in the region, with a portfolio that includes companies like Anka, Julaya, and Lapaire, all of which have grown significantly with Saviu’s backing.
Founded in 2018, Saviu Ventures has positioned itself as a key player in the Francophone Africa venture capital ecosystem. The firm’s approach is characterized by its hands-on involvement with portfolio companies, offering support in areas such as business development, international expansion, and fundraising. This “Seed and Build” strategy has proven successful, with Saviu I, the predecessor fund, achieving notable exits and establishing Saviu as a trusted partner for African startups.
The investment in doo! reflects Saviu’s confidence in the platform’s potential to drive financial inclusion and improve the quality of life for Ivorians. By expanding access to essential services through a well-established Mobile Money network, doo! is poised to become a cornerstone of everyday life in Côte d’Ivoire, setting a new standard for service delivery in the region.