Brighter days ahead for African digital media as Big Cabal Media closes $2.3m

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Grand Cabal Media [BCM]a pan-African media company based in Nigeria, announced the closing of its $2.3 million Seed Series fundraising round, led by MaC Venture Capital, with participation from Luminate, Unicorn Group, Future Africa and a range of angel investors.

BCM has already raised approximately $620,000 in angel and pre-seed funding between 2016 and 2020. This further increase will allow BCM to expand its audience, develop new technology products and further solidify its position as one of the most important media and technology brands in Africa.

Launched in 2014, BCM has become one of the strongest media companies covering technology and youth culture on the continent. His publication, Zikoko, which reaches over twenty million readers a month, reflects and amplifies the most pressing elements of youth culture in Nigeria.

TechCabal, the company’s flagship publication, is perhaps the most important publication covering Africa’s burgeoning tech ecosystem; combining quality reporting, daily newsletters and events bringing together the biggest operators and investors.

In addition to creating content and news platforms, BCM has expanded its services to include Cabal Creative, an in-house content studio that has produced content for global brands such as Google, Uber and Coca-Cola; and TC Insights, a data analytics consulting service focused on custom research, industry strategy and digital transformation projects.

African startups raised around $4.7 billion in 2021, with fintech startups receiving around 63% of that volume.

Digital media has not played a large role in this funding equation, despite Africa having one of the fastest growing digital media sectors in the world, with millions of Africans going online to the first time looking for original and engaging content tailored to their needs.

Speaking on the business opportunity and this funding round, CEO Tomiwa Aladekomo said:

“Africa is experiencing explosive growth in its tech industries, and content is a critical part of that. Today, Big Cabal Media (BCM) leads the most engaging conversations around innovation, entrepreneurship, culture, and everything that matters to a vibrant and growing continent.

Our publications, TechCabal and Zikoko are among Africa’s most exciting digital media brands, and we’ve shown a real capacity for business innovation by growing the business and launching new units like Cabal Creative and TC Insights.

We are thrilled to have new funding and partners who recognize the opportunity to build a truly global media and technology operation from Africa.

This round will allow us to invest deeply in technology products and our own technology stack, our video production arm and expand our reach across and beyond the continent.

Statista reports that 60% of Africa’s 550 million internet users are under the age of 25. Nigeria, where Big Cabal operates, is one of the largest internet markets, with over 154 million people on the internet and a fast-growing and rapidly transforming technology sector. the economy.

Traditional media companies are not keeping up with the needs of this audience, evolving much more slowly than in America, Europe or even Asia; creating space for innovative media companies like Big Cabal to establish a position ahead of competition from local players or even global brands looking to enter the market.

With ever-changing media business models on a global scale, Big Cabal is as focused on business innovation as it is on content and technology.

Tomiwa notes that “We have always viewed advertising as an essential but insufficient revenue base for a successful media business.

Our thesis is that we can build high-engagement media brands in valuable niches and create products and services – like Tech Women Lagos and Jollof Road – to serve audiences, advertisers and other partners.

Part of what this investment will fund is the development of an evolved version of Zikoko Memes, a Giphy-like product focused on African memes, gifs and images, which we first launched in 2020 and has turned out to be very promising.

“We are proud to enter this chapter with Big Cabal Media, as we fully believe in its tremendous potential for success, scale and global impact,” said Marlon Nichols, co-founder and managing partner of MaC Venture Capital, lead investors.

“Investing in Africa’s burgeoning digital media sector fits perfectly with MaC’s mission to support exceptional entrepreneurs who build valuable technology businesses that leverage shifts in cultural trends and behaviors.

I am confident that BCM will seize this unique opportunity to continue leading conversations about culture and helping digital consumers access the information that matters most to them.

Unicorn Group Chairman Dr. Akintoye Akindele told the following investors: “Since its inception, Big Cabal has created original content that engages and resonates with audiences. This is reflected in its position as one of the most recognized African digital media brands in the world.

This fundraising led by MaC Venture Capital allows the company to expand across the continent, deepen its technology stack and diversify its brand and product offering to meet the needs of young and growing digital natives. from Africa. We are excited about this next phase of Big Cabal growth.

The market for African content and culture is more global than ever and Big Cabal Media is creating the brands, content and products for the next generation of African digital content consumers and for the world.

Techbuild’s review

The fundraising journey globally, without the exception of Africa, unfolded around tech startups creating innovative products and services solving challenges in education, finance, health, agriculture and others around the world.

Of course, the media is the vehicle that propagates these stories, not only delivering them to the public, but constructing them into creative pieces to entertain, educate and inform the public.

Arm Big Cabal Media, TechCabal has come a long way in its exceptional way of relaying its content to the public, from fundraising stories, in-depth analysis of technology trends, to reports.

This latest fundraiser is a testament to the fact that not only tech startups, but also digital media, can also access available funding opportunities.

At Techbuild.africa, we congratulate Big Cabal Media, especially the TechCabal team for this new achievement, because your victory is a victory for all Tech Media startups across the African continent.


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