Termii, a Nigerian startup that specializes in communication solutions, has raised $3.65 million in funding after a successful round bringing together a host of investors.
Venture Platform, a Nigerian startup fund with a bias on pan-African start-ups led the fundsdrive together with Fintech Collective, Launch Africa Ventures, Nama Ventures, and Aidi Ventures.
According to a statement from Termii, the new funds will bolster the start-up’s ambition to redefine communication between African companies and their users.
In a statement, Termii’s Chief Executive Officer Emanuel Gbolade welcomed the achievement noting that it was exceptional and a testament to the right direction the company was taking.
The funds, he noted, will serve the priority of expanding its operations to Ivory Coast and the larger Francophone region.
“Not many companies in this space are raising capital, but Termii is doing many things right,” the CEO noted.
On its part, Venture Platform congratulated Termii for the achievement and welcomed the alliance formed between the two companies.
According to Venture Platform, the funds will be used to launch a mobile app, set to further ease communication between companies- mostly fintechs- and their users.
The $3.65 million funding came two years after yet another notable round that raised $1.4 million in seed capital.
Termii started in 2017 with the initial goal of bridging the communication gap between companies and users.
Since then, the company has helped businesses across several countries in Africa to engage customers through SMS and voice messaging.
However, Termii’s founders say the existing communication platforms provided to its clients are just a “scratch on the surface”.
According to the CEO, the new mobile app and the other channels in the pipeline will redefine the communication experience between customers and companies.
Termii, the hierarchy states, is now targeting to introduce facilities capable of generating one time passwords (OTPs) for users seen as a game-changer changer in contemporary communication systems.
Nigeria remains a powerhouse for start-ups in Africa. In a survey by Disrupt Africa, despite the low funding in the first quarter of 2023, Nigerian firms received the lion’s share of the funding on the continent.