FAMOCO raises $11.6 million for international expansion, to set up Africa office

FAMOCO, an Android-based transactional devices vendor, has announced a €11 million (US $11.7 million) round of financing led by Idinvest Partners, together with Orange Digital Ventures, SNCF Digital Ventures, BNP Paribas Développement and alongside their historical investors Hi inov, Fonds Ambition Numérique managed by Bpifrance, and Aurinvest.

This new round of funding will enable the Paris, France-based FAMOCO to meet growing international demand for transactional solutions in the fields of cashless payment, transportation, smart city as well as the digital transformation in mobility faced by large corporations.

The startup experienced tremendous growth in 2016, driven by its innovative solution that secures transactions on mobile devices. It combines a secure Android-based device with a built-in Mobile Device Management (MDM) platform. FAMOCO plans to double in size this year with over 50 recruitment planned and will also open offices in Europe, Middle-East, Africa, USA and Asia. Already present in India, FAMOCO will expand the team in this growing market of digital transactions.

With more than 100,000 devices deployed in over 30 countries in just two and half years, FAMOCO has become a vital tool in the digital transformation of transactions. For example, FAMOCO supplies French retail outlets with the first Alipay terminal, enabling Chinese tourists to pay in France with their Alipay account.

“This funding confirms FAMOCO’s upward momentum. Since my partner Nicolas Berbigier and I created FAMOCO, we have enabled the large scale deployment of a great number of highly disruptive solutions in areas such as cashless payment, smart city and mobile workforce management” stated Lionel Baraban, Co-Founder and CEO of FAMOCO.

“Idinvest is pleased to back a team of seasoned entrepreneurs in the development of FAMOCO. Supporting the international growth of this startup, who has developed a robust technology and who operates in a huge market, fits perfectly within Idinvest’s investment strategy,” Pierre-Edouard Berion, Investment Director, Idinvest Partners, said.

Pierre Louette, Deputy CEO and Chairman, Orange Digital Ventures commented: “This acquisition of equity is a logical next step, and reinforces our existing industrial partnership with FAMOCO who is involved in the deployment of Orange Money in Africa. It also underlines our commitment to accompany the digital transformation of our corporate clients with innovative solutions, and to support the international development of FAMOCO.”

“With its secure and agile transactional solutions, FAMOCO positions itself at the very heart of the digital transformation faced by large groups such as SNCF today. New forms of mobility, passenger access control, digitalization of maintenance processes; there are countless opportunities for FAMOCO,” Benoît Tiers, CEO e.SNCF, said.

Véronique Jacq, Head of Digital Investment at Bpifrance, remarked: “To follow-on from the participation in the € 4M fundraising round in June 2015 through the Ambition Numérique Fund managed on behalf of the Investments of the Future Program (Programme d’Investissements d’Avenir), Bpifrance is renewing its confidence in FAMOCO by supporting this new round of fundraising. FAMOCO is an excellent example of Bpifrance’s ability to support the development of startups. In addition to financial support, the startup benefits from the Scale up program offered by Bpifrance HUB and also participated in Impact USA, an immersion program in the heart of the world’s leading ecosystem.”

Investment banking firm Clipperton was the sole financial manager for the operation.

Be the first to comment

Leave a Reply

%d bloggers like this: