Nigerian CaaS Startup, Termii Closes $1.4M Seed Round to Drive North Africa Expansion

Nigerian communications-as-a-Service (CaaS) startup, Termii has today closed a $1.4 million seed round.

Iyinoluwa Aboyeji’s early-stage VC firm, Future Africa and Japanese VC, Kepple Africa Venture led the round. Acuity Ventures, Aidi Ventures, Assembly Capital, Kairos Angels, RallyCap Ventures, and Remapped Ventures were among other investors which participated in the round.

Angel investors including Chipper Cash CEO, Ham Serunjogi, Paga CEO, Tayo Oviosu and former Dreamhost co-founder and CTO, Josh Jones also participated in the seed round.

Termii has closed the latest round a year after graduating from the Y Combinator Winter 2020 batch. The CaaS startup plans to leverage the seed funding to expand and offer more messaging offerings across Africa.

Founded in 2017 by Gbolade Emmanuel and Ayomide Awe, Termii helps businesses use messaging channels to verify and authenticate transactions through its API-based communication infrastructure. The startup was launched following investment from Lagos-based VC, Microtraction.

Many of these businesses we started engaging said they required tools to effectively communicate and verify customers because they were losing money at those points. For us, we saw it was a bigger problem

Gbolade Emmanuel, Termii CEO

Termii CEO, Gbolade Emmanuel says the company is looking to expand into North Africa starting with Algeria.

Termii currently caters to over 500 fintech startups across Africa including Piggyvest, uLesson, Bankly, Helium Health, Paga, and TeamApt. That’s not all, the startup’s API platform is also used by over 1,000 businesses and developers.

Africa’s $3.6 billion B2C communications market is projected to grow 6% YoY, and Termii is positioning itself to flourish.