Kenya-based streaming service Mdundo has listed at the Nasdaq Copenhagen, raising millions of Euros to support its African ambitions.

Mdundo listed its shares on 4 September 2020 on the Nasdaq First North Growth Market, which lists small- and medium-sized growth companies.

The initial offer of shares, worth DKK40-million (US$6.4-million) was oversubscribed by 111% to DKK84-million (US$13.42-million), according to Nasdaq Copenhagen.

The Bourse said the company could expect a rise in price due to the over-subscription.

Through their website and mobile app, Mdundo has garnered 5 million users and 20 million downloads and streams per month said CEO Martin Nielsen.

However, the company believes there is an opportunity to multiply these numbers by at least 30.

“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 three years we have established Mdundo as the leading pan-African music service for consumers and musicians,” said Nielsen.

"When we go to the Nasdaq First North Growth Market, (it happens) with the goal of raising capital for this international growth journey," he added.

Mdundo currently operates in 15 countries in Sub-Saharan Africa, including a commercial market focus in Tanzania and Kenya.

Its current plan is to extend the streaming service to other African countries.

Over the last year, Africa focused streaming services have raised significant amounts of funding through successful rounds, including Boomplay’s US$20-million VC last year.

In April this year, Africori, an African focused music distribution service, received an undisclosed investment from Warner Music Group.