Termii Secures 5th Investment Round From Iyin Aboyeji’s Future Africa Fund
Termii, a multi-channel marketing platform, has raised funding from Future Africa. The investment was announced today, however, the exact amount invested has not been disclosed.
Recall that in early 2020, Future Africa unveiled an early-stage investment fund that would grant as much as $50,000 capital to 20 startups yearly. The initiative from 2020, therefore, suggests Termii might be receiving investment that could be up to $50,000 from the VC firm.
Termii was founded in 2014 by Emmanuel Gbolade and Ayomide Awe. The company provides an online messaging platform that provides a multi-channel real-time messaging solution for businesses. The solution aims to increase customer retention for its corporate users and drive more interactive engagement between customers and brands.
The startup has received funding from a number of other investors. Crunchbase records its earliest funding round to be $7,300 seed funding round from Dimeji Joseph and Tunde Onakoya. In November 2019, Transsion-backed China-Africa incubator, Future Hub, invested $30,000 in Termii.
Termii becomes the first startup to receive funding from Future Hub.
Microtraction is another VC firm that invested in the communications solution provider. The investment sum was undisclosed, however, information from the VC’s website at the time indicates an initial $15,000 would be invested for a 7.5% equity stake, followed by an additional $50,000 in convertible note.
This puts Microtraction’s total investment in Termii at $65,000. Currently, Microtraction invests $25,000 in startups for a 7% stake in the business.
You may like: Microtraction Invests in Termii, a Multichannel Marketing Platform for Businesses to Interact and Retain Customers
Termii’s operates in several African markets including Nigeria, Morocco, Benin Republic and Ghana. In March 2020, the startup raised an additional $150,000 from Y Combinator in a seed round.
Before Termii, Future Africa has invested in other African startups which include Releaf, Tambua Health, Sote, Indicina, Stears, Myawayhome, Max.ng, Big Cabal Media and Chaka.
Future Africa was launched in March 2019 by Iyin Aboyeji, Olabinjo Adeniran, Adenike Sheriff, and Chuba Ezekwesili. The Future Africa Fund was launched the following year.
