- Terragon Invests $5m to Expand Tech Marketing
Terragon Group says it is poised to expand the reach of its data and marketing technology platform with $5m investment from TLcom Capital.
The company, while announcing the conclusion of the $5m funding round, said the technology platform would be pioneered in collaboration with Nigeria’s largest telco, MTN.
According to the firm, the proprietary marketing technology connects online and offline mobile channels to provide African brands and the Small and Medium Enterprises with more customer reach, engagement and conversions with self-service access.
It added that the platform from Terragon offered unprecedented reach and engagement channels for the African mobile customer with associated data and intelligence made available on mobile web.
The Chief Executive Officer, Terragon Limited, Elo Umeh said, “The new investment would enable the Lagos-headquartered company to hire the best available talents to drive business development efforts across industry verticals and solve unique mobile challenges to unlock significant value for African businesses.”
With African businesses in various industries struggling to reach and engage customers in the face of limited Internet access and low literacy levels, Terragon said it would help clients, including FCMB and FBNQuest in financial services, and Unilever and Samsung in the consumer goods space, connect with new and existing consumers across online and offline mobile channels, providing the reach and targeting to deliver on their marketing objectives.
The Partner at TLcom, Ido Sum, who is joining Terragon’s board, said, “We have followed Terragon closely for a while, seeing it develop into a world-class marketing technology company, targeting the unique African opportunity.”
“Over the years, we led investments into upstream (exited to Actis), as well as New York City-based Persado and Cubiq, that are among the leaders in the MarTech space in the United States, and we are convinced that Terragon’s deep market understanding and platform quality can allow Africa’s top brands as well as the SMEs to finally reach, acquire and serve African consumers at scale like never before,” Sum added.
The statement noted that TLcom’s commitment was the second from its $40m TIDE Africa Fund for early and growth-stage digital companies.
According to the firm, Terragon, with over 100 employees, works closely with the largest mobile network operators in Africa, 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.