The investment is VC’s second commitment from its $40 million TIDE Africa Fund for early and growth-stage digital companies.
“We liked…that the business has matured into a new platform with very strong technology behind it”, said TLcom Capital Partner, Ido Sum. “It allows the largest advertisers and brands…to reach consumers in a way they couldn’t do before.”.
“We are helping everyone we work for to intelligently reach the mobile user in Africa,” he said. “We are providing them data…driving accuracy, and making sure they are communicating with the right person at the right time, and at the right place,” says Elo Umeh.
TLcom Capital is Terragon’s first formal investor. According to Umeh, the eight year old company bootstrapped itself into the black. “We are profitable. We’ve been in business for eight years and have grown to revenues of between $4 and $5 million dollars a year.”
Terragon chiefly generates revenue on transaction facilitation for its clients. The company has a team of 100 employees across Nigeria, Kenya, Ghana and South Africa.