Africa’s leading data and marketing technology company enabling intelligent B2C messaging on mobile, Terragon Group, has announced the raise of $9 million in a series B round, to expand its product offering mobile B2C messaging, backed by deep consumer insights from big data.
The round was led by Orange Ventures, with participation from TLcom Capital, LoftyInc, Sango Capital, VestedWorld, and Western Technology Investment (WTI).
Terragon disclosed that the funds raised would allow it to strengthen cloud-native capabilities on its platform, as well as develop and accelerate localized ML and AI to provide the foundations for increased enterprise communication.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
The startup is already operating in Ghana and Kenya and has ambitions to expand its presence across the entire African continent.
Speaking on the funds invested in the company, Terragon’s lead investor in the Series B round, Gregorie de Padirac at Orange Ventures said,
“Terragon is poised to ride a wave that will intersect software, traditional telcos, enterprise, and digital native businesses. The size of the opportunity was very convincing to us, and their existing ambition and investment in Africa-focused software products were compelling, as well as the vision of how African mobile users will evolve in coming years, fit right into the strategy of Orange Ventures.
“They are Africa’s pioneer specializing in cloud-native data software, which serves as the fundamental building blocks for enterprise Al across the continent. With protected intellectual property, an inventive business model, and a strong presence in multiple markets, they are well-positioned to establish a strong leadership across the continent.”
Founded in 2009 by Elo Umeh and Ayodeji Balogun, Terragon is Africa’s leading data and marketing technology (MarTech) company, that uses data to help brands intelligently reach and engage with consumers on mobile.
Terragon specializes in converting telco channels into mobile advertising inventory and providing valuable insights on Africa’s growing consumer markets to its clients, primarily telecommunication and financial services firms.
The company offers data-driven multichannel marketing solutions that help businesses execute highly targeted campaigns by aggregating, enriching, and activating consumer data for personalized experiences.
Terragon’s tools empower corporate clients to access behavioral and demographic information and connect with various touchpoints, including online payment and sales systems. Its current clients include some top firms which include, MTN, Unilever, Microsoft, Access, Fidelity, and FCMB.
The company’s products drive mobile-first marketing strategies through robust consumer intelligence powered by telcos and other data providers to deliver an expansive view of the African consumers, and a wide array of channels to connect with them.
Among its key offerings is “Adrenaline,” a telco-data monetization solution that enables telcos to diversify revenue streams and marketers to target niche audiences that are not accessible through traditional marketing channels.
Terragon’s unique proposition thrives in Africa due to the continent’s mobile-first nature. Unlike Europe, where email addresses traditionally serve as unique identifiers for digital services, Africa relies on mobile phone numbers as the primary identification method, particularly in regions with a significant lack of email usage.
This mobile-centric environment has enabled Terragon to collect valuable data from online sources, including Datadog and Databricks, and tap into various telco channels, effectively positioning the company ahead of Europe in mobile advertising solutions. In 2021, Terragon became the first African company to make it to the list of verified customer data platform (CDP) companies.
The company’s future plans include developing locally tailored machine learning (ML) and artificial intelligence solutions to enhance enterprise communication. The focus will also expand to mobile B2C messaging, supported by comprehensive consumer insights derived from big data.