On Monday, the government of South Africa agreed to an amended ministerial handbook which cuts unnecessary expenditure by those in cabinet and other public…
Microtraction, which announced the deal yesterday in a post on Medium, did not state how much it invested in the startup.
The investor ordinarily invests $65 000 in two stages. The first investment is usually about $15 000 in exchange for a 7.5% equity stake.
This is followed by an additional $50 000 convertible note at a $1-million valuation cap for companies that Microtraction says have shown “significant progress” after the platform’s initial investment.
Termi was founded in 2014 Emmanuel Gbolade and Tayo Awe
Termii was founded in 2014 by Emmanuel Gbolade (pictured above), who has a background in digital marketing, and Tayo Awe, who has over four years of experience in enterprise software development.
The startup helps businesses retain customers through personalised messages sent across multiple communication channels that include SMS, voice and WhatsApp.
The startup has built a library of voice, SMS, email and WhatsApp messaging application programming interfaces (APIs) that service providers can integrate into their mobile apps and web platforms to send out personalised notifications at scale.
Termii’s main focus is to help service providers interact with their customers and make sending messages like one-time-passwords, payment alerts as well as service notifications at scale, effective and affordable using a per-billing system.
Microtraction said in the Medium post that Termii has “hundreds” of paying customers who are helping the startup generate “thousands” of dollars in revenue monthly.
“The impressive part about their traction has been the consistent growth despite having to iterate over and over without losing sight of the ultimate goal — helping businesses, individuals and big organisations to interact with and retain their customers conveniently,” explained the investor.
Read more: Microtraction backs Nigeria’s Sendbox in investor’s first deal of the year [Updated]
Read more: Nigeria’s Microtraction launches Scout Initiative to search for more deals
Read more: Microtraction looking to invest outside Nigeria says partner Dayo Koleowo
Read more: Nigeria’s Microtraction announces its sixth deal, with cloud accounting startup
Read more: Nigerian rewards platform Thank U Cash secures funding from Ventures Platform
Read more: Nigeria’s Microtraction announces investment into Lagos-based fintech Riby
Featured image: Termii co-founder and CEO Emmanuel Gbolade (Gbolade Emmanuel via Twitter)