Another Nigerian startup, Termii, Secures $30,000 Seed Fund from China
London, Nov. 21, 2019 (AltAfrica)-Termii, a multichannel marketing platform for businesses has raised a $30,000 seed fund from Future Hub, an early-stage startup incubator backed by Transsion.
This makes Termii the first startup to be funded by the China-Africa incubator which launched earlier in September to raise equity-based investments of up to $300,000 for early-stage African startups.
Termii, through its online messaging platform, is solving customer retention challenges for businesses by providing multi-channel real-time messaging which drives interaction between customers and brands.
Gbolade Emmanuel, CEO of Termii, explained that the company provides the platform and tools for companies to function appropriately.
“We had a platform where companies can [sic] sign up on and interact with each other and also find tools suitable for them to function appropriately,”Gbolade Emmanuel, CEO of Termii
According to the startup, the new funds will be used to optimise the platform for users across their key markets in Africa and also upgrade customer authentication and verification APIs.
Founded by Gbolade Emmanuel and Tayo Awe in 2014 as a team networking platform, Termii was rebranded and relaunched in 2017.
Currently, Termii serves customers in Nigeria, Morocco, Ghana, and the Benin Republic. According to the company’s website, over 2,850,000 messages have been personalised on the platform and about 862 teams are engaging over 1.7 million Africans monthly to communicate personal messages.
Emmanuel revealed that the company has largely grown by leveraging on multiple communication channels that provide alternative delivery options to customers.
“We have grown from a few customers to hundreds of top brands using our platform like Bankly, Fundall and other fast-rising fintech [companies] as well as service providers”Gbolade Emmanuel, CEO of Termii
The funds raised from Future Hub came just after Termii raised an undisclosed amount Microtraction, a Nigerian VC firm.
Having developed the business so far majorly through founders’ investments, the recent influx of funds from Microtraction and Future Hub will provide solid financial backing for the startup to solidify its market and further expand its brand across Africa.