Nigerian communication and collaboration platform, Termii, has raised $30,000 seed fund from Future Hub, a China-Africa early-stage startup investment and incubation plan backed by Transsion.
This makes Termii the first startup funded by Future Hub backed by Transsion, established in September to raise equity-based investments of up to $300,000 for early-stage African startups.
Termii is solving customer retention challenges for businesses through an API-based communication infrastructure which drives a repeated interaction between customers and brands, while also providing multi-channel real-time messaging. And the platform uses a per-billing wallet system.
The startup intends to utilise this fund to optimise the platform for users across three key markets in Africa including Nigeria, Ghana, and Kenya, and at the same time upgrade customer authentication and verification APIs which seem to be highly demanded in the addressable market.
In 2014, co-founders, Gbolade Emmanuel and Ayomide Awe started Termii as a team-networking platform.
“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,” Emmanuel, Termii CEO, explains.
Following a rebrand and an official launch in October 2017, Termii now helps businesses retain their existing customers by effectively segmenting them based on an individual’s unique needs while also driving personalised marketing messages that suit every client’s peculiarity.
At the moment, Termii is headquartered in Lagos, Nigeria but also serves customers in Morocco, Ghana, and Benin Republic.
Having sustained the business so far through founders’ investments, the fund raised from the Transsion-backed incubator will serve as a major boost to further establish the brand across Africa.
Approaching its second full-year of operation since pivot, Emmanuel stated that Termii has largely grown while 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”
From an initial size of 100 businesses on the platform at launch, Termii’s client base has grown to about 1000 comprising mostly of marketing and development teams within companies.
According to Emmanuel, getting customers to abide by industry regulations is one key challenge the startup has relatively managed by integrating regulatory procedures into the platform and duly verifying customers after signing up.
It appears Termii has a market advantage as he claims there are only a few local firms providing such affordable service to companies, especially in Nigeria.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.