Nigerian VC firm Microtraction has announced its investment in Termii, an online messaging platform that enables businesses to send personalised messages across multiple communication channels to customers.
With the investment from Microtraction, Termii joins the ranks of Nigerian Startups like Thank U Cash, CowryWise, and Wallet.ng, who have benefited from VC investments.
The exact amount Microtraction invested in Termii was not disclosed, however, according to the VC’s website, a sum of $65,000 will be invested over two stages. An initial $15,000 will be invested for a 7.5% equity stake, followed by an additional $50,000 in convertible note.
What is Termii?
Founded by Gbolade Emmanuel and Tayo Awe in 2014, Termii helps teams drive customer retention by empowering businesses with affordable tools to personalise their messages across multiple communication channels such as email, SMS, Voice, and WhatsApp.
Both founders have the experience and expertise to excel in online retail industry, having spent more that four years in business and software development respectively.
Finding a reliable platform for businesses to engage customers has always been too costly or inflexible to allow personalisation, causing many local businesses to lose existing customers on a monthly basis. This is where a startup like Termii comes in.
Termii provides tools like Messaging, Analytics, Verification and Servers to make personalising of messages easy and convenient, as well as integrate third-party apps like Instagram and Facebook.
They also built a library of voice, SMS, email & WhatsApp messaging APIs that service providers can integrate into their mobile apps & web platforms to help send out personalised notifications to their customers across Africa.
A lucrative market
Nigeria has over 37 million MSMEs, which contributes about 48% of the country’s GDP standing according to the Nigeria Bureau of Statistics. The Nigerian online retail industry alone is worth around $122B.
Right now, Termii is innovating not just through VAS services like USSD & SMS but also with multichannel voice, instant messaging, push notifications and email technology which previously was a no-go area for local companies.
According to the company, over 2,850,000 messages have been personalised on the platform and about 862 teams are engaging over 1.7 million Africans monthly to communicate personal messages that can make them engage brands repeatedly.
With this new investment, the startup would be able to focus on building their product and engage with their users constantly, which can, in turn, increase their growth by helping businesses, individuals and big organisations interact with and retain their customers conveniently.