Nigerian consumer data analytics firm Terragon Group has secured an undisclosed investment from VestedWorld, an Africa-focused early stage investment fund manager.VestedWorld has invested in Terragon to further increase the company’s geographic reach, expand its product suite and develop new partnerships.
Founded in 2011 with the vision to become the leading marketing technology company in Africa, Terragon offers a consumer insight and activation platform that aggregates, organizes and enriches customer data to help brands better understand the African consumer.
Nigeria, Ghana, Kenya, South Africa, and Egypt are among the countries where the company is operating. Brands engage with users in a personalized way via their preferred channels, and they are offered products and services that are relevant to them.
Despite increased penetration of mobile and high-speed internet across Africa, brands have struggled to engage digitally with consumers. Lack of actionable customer data, efficient digital channels and engagement tools are leading factors for the slow adoption of digital and mobile marketing on the continent.
Terragon has developed the tools to gather, aggregate and monetize first-party data collected directly from customers, and allows advertisers to effectively target prospective customers and measure the effectiveness of their ad campaigns.
Without relying on third-party cookies, Terragon’s platform allows businesses to engage in digital marketing while guaranteeing that interactions are data privacy compliant. The platform now has over 100 million user accounts across Africa, with plans to grow as it extends into new markets.
Co-founder and Managing Director Elo Umeh stated, “It’s really important to me as an entrepreneur to work with investors that share my vision. The company is at a point where we’ve been able to build capacity and forge partnerships which have also positioned us as a preferred go-to partner for global big tech companies working to solve Africa’s peculiar data and consumer marketing challenges. It’s a testament to the very high standards we’ve set and within which we operate. This investment from VestedWorld will empower us to continue to build and accelerate the progress we’ve made so far – in terms of our Pan-African market expansion, business growth, product development and talent sourcing.”
VestedWorld has deep experience investing in early-stage, technology-enabled businesses across Africa, including stakes in Viamo, Vanu, Sendy, Kasha and DrugStoc.
“The shifts occurring in the advertising industry are hard to ignore and we believe that it’s only a matter of time before the transition to digital advertising is fully embraced across the markets where we invest,” said Euler Bropleh, founder and Managing Director of VestedWorld. “We’re confident that the Terragon team has built software that can play an essential role in the evolution of digital advertising across the continent and are excited to partner with them to help scale their solution across Africa.”