Lagos-based early-stage investor Microtraction has revealed that it has invested in Nigerian online marketing platform Termii.
Microtraction, which announced the deal yesterday in a post on Medium, did not state how much it invested in the startup.
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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.
The investment marks Microtraction’s second deal of the year. In March the investor announced that it had backed Lagos-backed startup Sendbox (see this story).
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Featured image: Termii co-founder and CEO Emmanuel Gbolade (Gbolade Emmanuel via Twitter)