Nigerian communications platform-as-a-service (CPaaS) startup, Termii, has successfully secured $3.65 million in its latest funding round. The capital infusion will be utilized to expand the company’s product offerings and facilitate its entry into new markets. With this funding, Termii’s total funding raised to date reaches an impressive $5.05 million, following an initial seed funding round of $1.4 million in January 2021.
The funding round attracted several prominent investors, including Fintech Collective, Launch Africa Ventures, Nama Ventures, Aidi Ventures, Ralicap Ventures, Now Venture Partners, Vastly Valuable Ventures, NOA Capital, Assembly Investors, Probability Ventures, Adamantium Fund, MyAsia VC, Uncovered Fund, and Afropreneur Angel Group. Furthermore, angel investors Aubrey Hruby of Tofino Capital and Eamon Jubbawy of Onifido have also joined Termii’s esteemed list of backers.
Termii’s CEO, Gbolade Emmanuel, expressed that the funds raised in this round would primarily be utilized for the expansion of the company’s operations and product suite. Termii aims to develop and promote both existing and new products, with a specific emphasis on penetrating Francophone African markets. The company’s initial priority market for expansion will be the Ivory Coast, deviating from its earlier plans to target North Africa.
One of the key factors that attracted investors is the recent launch of its groundbreaking product, Termii Go. CEO Gbolade Emmanuel described Termii Go as a “game-changing unified communications app” that represents a significant advancement from Termii’s traditional stealth infrastructure operations. The app seamlessly integrates Termii’s extensive network of clients across Africa, facilitating swift and real-time engagements between businesses and users. This innovation enhances communication and interaction, offering businesses greater flexibility and efficiency in their customer engagement strategies.
Emmanuel further explained, “We have successfully served customers with pure messaging solutions, but we recognized the growing demand for more than just messaging. Many of our financial services customers required one-time verification systems to validate user transactions and identities. As a result, we introduced this feature across SMS, calls, emails, and WhatsApp, providing them with multiple options and better delivery rates.”
Termii was established in 2017 as a messaging platform designed to facilitate seamless communication between businesses and their users across various channels. Over time, the company has evolved into a comprehensive solution that powers interactions between businesses and their users. Its robust infrastructure supports fast and secure messaging capabilities, allowing approximately 9,000 fintech companies, including Moniepoint, Chipper Cash, and Piggyvest, to effectively engage with their customers.
Termii’s integral role in the day-to-day operations of African fintech firms has captured the attention of investors, including Fintech Collective, a global venture capital firm specializing in fintech investments. The confidence exhibited by investors stems from it’s ability to consistently innovate and adapt to the evolving needs of its customer base.
With the latest funding injection, it is poised to accelerate its growth trajectory and solidify its position as a leading CPaaS provider in Africa. The company’s commitment to innovation, combined with its ability to cater to the dynamic requirements of the African market, has positioned Termii as a key player in the region’s communication technology landscape. As Termii expands into Francophone African markets, it is expected to forge new partnerships and unlock new growth opportunities, further cementing its reputation as a trailblazer in the CPaaS industry.