TLcom says it sees Terragon developing into a world-class Marketing Technology company targeting the unique African opportunity
The company said the funding will be used to develop further it's proprietary marketing technology which connects online and offline mobile channels to provide African brands and SMEs with more customer reach, engagement and conversions with self-service access.
Elo Umeh, the Chief Executive Officer, while commenting on the new investment said it will enable the Lagos-headquartered company hire the best available talent who will help drive business development efforts across industry verticals and solve unique mobile challenges to unlock significant value for African businesses.
Terragon offices is located in Lagos, Nigeria, Nairobi, Kenya, and Accra, Ghana with over 100 employees alongside technology hubs in Bangalore, India and Ile-Ife, Nigeria.
It works closely with the largest mobile network operators in Africa, MTN, fast-moving consumer goods brands, agencies, financial institutions, leading publishers, mobile device manufacturers and app developers on the continent giving brands access to over 100 million consumers on mobile web and non-web channels.
Ido Sum, Partner at TLcom said: “We have followed Terragon closely for a while, seeing it developing into a world-class Marketing Technology company targeting the unique African opportunity. Over recent years we led investments into Upstream (exited to Actis), as well as NYC based Persado and Cubiq who are among the leaders in the MarTech space in the US, and we are convinced that Terragon’s deep market understanding and platform quality can allow Africa’s top brands as well as SMEs to finally reach, acquire and serve African consumers at scale like never before”.
This is the second round of TLcom Capital investment in Sub-Saharan Africa (SSA). In June 2017, the company announced $40 million seed fund for African startups.