TaxiTV, a Lagos based advertising-technology startup has secured an undisclosed amount of seed funding in a round led by Beta.Ventures.
TaxiTV is an in-ride entertainment system startup founded in October 2017 by Akinbola Asalu, CEO, and Dami Osiyale, COO.
The startup provides advertising channels for corporate brands and SMEs through screens inside Taxify, Uber and other ride-hailing services.
These advertorial video contents are displayed to passengers during a ride.
Most of the ads are fixed inbetween entertaining content. TaxiTV says it pays content creators a share of the revenue, and drivers also get a cut.
According to its website, it has a screen in over 100 cars in Nigeria. It intends to use the seed funds for product development, to scale and also improve sales execution
Other backers in the round include Collins Onuegbu of SASWARE, Sam Senbanjo of Neon Ventures and several prominent individual investors.
In Q2 2018, Nigerian startups collectively raised $73.6 million.
Though undisclosed, the TaxiTV seed funding is the first announced round for Nigerian startups in Q3.
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New Report: Nigerian startups raised $24.7 million in Q2 2019, 40% higher than Q1. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.