Termii, a communicate Platform-as-a-Service (CPaaS) business in Nigeria, has received $3.65 million to increase the scope of its product offerings. The business had previously raised $1.4 million in initial funding in January 2021, bringing its total capital to $5.05 million with the recent raise.
The funds, according to Gbolade Emmanuel, CEO of Termii, are needed to support the company’s expansion initiatives. This initiative include creating and marketing new and existing products in new markets with a focus on Francophone African nations, starting with Ivory Coast.
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 were among the additional investors who took part in the startup’s most recent funding round. Termii’s cap table also included angel investors including Aubrey Hruby of Tofino Capital and Eamon Jubbawy of Onifido.
Termii Go, the company’s most recent product, which Gbolade called a “game-changing unified communications app,” was one of the company’s selling points, despite the fact that he noted that not many businesses in this field were seeking funding. Termii Go is an improvement above the company’s typical covert infrastructure operations. The software integrates Termii’s wide network of customers from all over Africa into the platform, facilitating quick real-time interactions between companies and customers.
Gbolade noted that they have had success providing customers with pure messaging solutions. However, they soon found that consumers’ needs have expanded beyond messaging. This led to the introduction of one-time verification solutions spanning SMS, calls, emails, and WhatsApp since the majority of financial services clients needed them to confirm user transactions and identification.
Termii is a one-stop shop that drives connections between businesses and their users. It was founded in 2017 as a messaging service that allows companies to connect with their customers across numerous platforms.