Nigeria’s Nears Public Launch As Africa’s First Social Business Network

internalcomm2Though the amount has raised is not significant, Emmanuel Tolulope, the founder of the site told TechMoran that it will see them launch to the public and hire some more people to help it launch out big.
Termed as Africa’s premier social-business networking company “Termii launched in Nigeria last year December and the founder rebranded from FriendzDiary to Termii Networks and raised some $6000 to help him build the site.
” The new round is from another angel investor, Mr Dimeji Joseph who is a telecom’s expert and works at MTN Nigeria. The investment round is valued at $7180 plus working environment as an asset valued at an additional $1k making a total of $8180,”
Tolulope says.
termieeThe funds will be used for campaigns, working tools, hackathons and hiring of staff. This round of funding will also help them launch to the public this April, as it has been running beta to fix bugs and incorporate itself as a public limited company in the country. We are pretty sure you want to say there is a proliferation of social networks in the world today, and even back here in Nigeria and Africa at large but Termii is not giving up. The online social networking startup is mixing business and social to be the go-to place for both social-business users and is setting up its cloud network with seamless and advanced UI and networking features.
Though the idea looks promising, raising less than $10,000 is not good for business and the startup is likely to struggle financially to pay its staff or run its technology and offices, or it will have to go out and raise some more again to help it keep going; but we are hopping several accelerators launch to work with such young minds in Africa to achieve their dreams.
However, Tolulope says the firm is not in dire need for funding at this time.
“The investment covers working tools while working environment as added asset . We are not in deep financial need, so we are not interested in giving large chunks of shares to investors and that’s also why we are not chasing after VC’s, when the time is right….we would involve vc’s but for now we are ok with our angels.”