The parent company of TechCabal and Zikoko, Big Cabal Media has raised $2.3 million in seed funding to expand its audience.
Led by Mac Venture Capital with participation from VC firms; Luminate, Unicorn Group, Future Africa, and several angel investors. The new funding brings its total funding to over $2.9 million, the startup had raised $620,000 angel and pre-seed round between 2016 and 2020.
The company said it plans to develop its product, serving staff, and audience with the new funding as it exempts itself from the norm.
What they are saying about the funding
- Tomiwa Aladekomo, CEO of BCM said, “From documented reports and experience, too, very few people who work for media organisations are offered a competitive salary and we’d like to be the exception to the norm. The BCM model has been tested and proven. In 2021, we quadrupled our 2020 revenue, and over the last 4 years our CAGR is 225%.”
- “We are expanding our video production by exploring docuseries and short films. We will be transforming our studio into a community hub for creatives, and introducing 3 new tech products, including the Zikoko app and Zikoko Memes 2.0, which first launched in 2020. We will also be building out new audiences while offering competitive wages.”
- Marlon Nichols, co-Founder and Managing General Partner at MaC Venture Capital said, “We’re proud to enter this chapter with Big Cabal Media, as we fully believe in its massive potential for further success, scale and global impact. Investing in Africa’s booming digital media sector aligns perfectly with MaC’s mission of supporting exceptional entrepreneurs building valuable technology companies that leverage shifts in cultural trends and behaviours.
- “I have no doubt that BCM will seize this unique opportunity to continue leading conversations in culture and helping digital consumers access the information that matters most to them.”
What you should know
- Big Cabal Media was founded by Bankole Oluwafemi in 2013 to cover the Nigerian tech ecosystem, and later expanded its coverage to all of Africa.
- The company says its major publications; TechCabal and Zikoko, reach over 30 million people monthly across platforms and witnessed a 225% compound annual growth rate (CAGR) between 2018 and 2021.
