Adbot, a South African startup that provides online advertising solutions to African small and midsize enterprises (SMEs), has secured US$500,000 (ZAR7 million) in a funding round to expand its customer base.
Enygma Ventures, a ZAR100 million (US$6.8 million) investment fund for female entrepreneurs and founders focused on Southern and Eastern Africa that launched in late 2019, provided the ZAR7 million (US$500,000) funding round. Adbot will use it to expand its customer base.
Adbot, which was launched in 2019, provides small business owners with simple and supportive tools for success, allowing them to enter new markets and grow their businesses.
In just 10 minutes, the business creates a Google Ads account and helps clients build up ads using machine learning and automation. Adbot manages ads on an ongoing basis, boosting their effectiveness as more is learnt about the client’s industry.
“Adbot has a really solid product and tech stack so, with this funding, we will focus on growing our user base. We will be reaching out to every small business owner in South Africa as a start, from the braai shack in Gugulethu, to the unique investment company in Sandton. If you have a business, you need Google Ads in order to be found and Adbot is the most cost-effective and efficient way to do this,” said chief executive officer (CEO) Michelle Geere.
Enygma Ventures operating partner Lelemba Phiri said Adbot’s offering was the first of its kind on the market.
“Having worked with SMEs on the continent for over a decade, we are keenly aware of their challenges, with market access being chief among them. Adbot’s potential in solving this issue for small business owners in Africa is immense and exciting,” she said.