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Spain meets Nigeria: OpenShopen receives €500K investment from CWG

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Written by Jaime Novoa

OpenShopen, the Barcelona-based company that helps businesses create online stores, has raised €500,000 from Computer Warehouse Group. CWG is one of the leading tech companies in Nigeria, a market in which OpenShopen is very interested in.

openshopen investment

OpenShopen, the Barcelona-based company that helps businesses create online stores, has raised €500,000 from Computer Warehouse Group, one of the biggest technology companies in Nigeria.

This is the first big move by OpenShopen since the firm merged with The Etailers in March and goes on to confirm the company’s interest in the African continent. At the time of the merge, Hemerotek already reported that OpenShopen had a strong presence in Latin America and Africa, and given Nigeria’s strong online economy, the deal makes a lot of sense for all parts involved.

“The African market has a lot of potential due to its high smartphone penetration and the fact that American ecommerce giants have yet to target the continent”, CEO Santiago Sánchez told La Vanguardia in an interview. Both OpenShopen and CWG had been working together for a month before the investment was closed.

The Spanish company, headquartered in Barcelona, employs more than 20 people and expects to reach gross sales of €1.4 million in 2014. If all goes well in Africa and Latam, OpenShopen aims to break the €3 million barrier in 2014

About the author

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Jaime Novoa

Jaime Novoa is the Founder of Novobrief.

He is a technology writer turned investor at Madrid's K Fund. He was also a data analyst at Tech.eu.