Kenya Music service Mdundo Lists on Nasdaq Denmark, Raises $6.3 million

Kenya music service Mdundo has listed its shares at the Danish Stock Exchange on Nasdaq First North Growth Market. Mdundo.com belongs to the Technology sector and is the seventh company, which will be admitted to trading on Nasdaq Copenhagen in 2020 and is number 33 on the Nasdaq Nordic market.

Mdundo’s music service can be accessed online via the website www.mdundo.com and via an Android app for mobile phones. The service has over 5 million active users on both the Internet and via the app as well as over 20 million downloads and streams per month.

The music service is available to users worldwide, but Mdundo is both active and has its business focus in 15 countries in sub-Saharan Africa, including commercial market focus in Tanzania and Kenya, where Mdundo started in 2013, and marketing focus in Nigeria, Ghana and Uganda.

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Martin Nielsen, CEO Mdundo.com commented;

“Mdundo has 5 million monthly users, but the potential is more than 30 times greater. Based on a steep growth curve and a very scalable solution, we will invest further in user growth and in our market coverage of the whole of sub-Saharan Africa, so that within 3 years we have established Mdundo as the leading pan-African music service for consumers and musicians. When we list on Nasdaq First North Growth Market, the goal is to raise capital for this international growth journey.”

Carsten Borring, Head of Listing at Nasdaq Copenhagen commented;

“We are proud to welcome Mdundo.com to the Nasdaq First North Growth Market. With the listing of Mdundo.com’s music service solution, we continue the important investment in Danish technology start-ups, which will ensure continued growth, development and innovation, as well as the jobs of the future.”