Lagos-based tech firm, Terragon Group, has just raised $5m in funding from TLcom Capital. This is the first time Terragon would receive venture funding since it was founded in 2009. This funding is expected to help Terragon scale its growing proprietary marketing technology business.
— Weetracker (@weetracker) March 30, 2018
Terragon is keen on making this happen with its slew of products and services, largely based on data analytics for customer acquisition. Elo Umeh, the CEO and founder, has said the company would hire new talents to help it grow its businesses in the challenging African continent.
For TLCom Capital, Terragon represents its second investment in Sub-Saharan Africa since it announced the TIDE Africa Fund. The TIDE Africa fund targets early and growth-stage start-ups. TLcom’s first Africa venture funding came last year when it participated in Andela’s $40 million funding round.
TLcom sees plenty of value investing in Terragon. According to TLcom Capital Partner, Ido Sum:
We like that the business has matured into a new platform with very strong technology behind it. It allows the largest advertisers and brands to reach consumers in a way they couldn’t do before.
And with a revenue of $4 to 5 million in the tight digital advertising space, Terragon obviously has a foothold in the industry. But Umeh says the company is looking to expand. With over 100 employees, Terragon already has operations in Nigeria, Kenya, Ghana and South Africa.
Today, the strategy is to be dominant on the continent of Africa. At some stage, we’ll look at licensing our technology into Southeast Asia and Latin America.
Terragon services the marketing and analytics demand of customers, largely in the telecom and financial sector. The company’s other top customers include betting firms and NGOs.
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