Nigerian Internet Service Provider, Tizeti, closed a Series A round of funding worth $3 million. The startup, which also manages Wifi.com.ng, a Wi-Fi Internet provider for many companies and business estates in the country, is planning to use the latest investment in its expansion outside of Nigeria, beginning in West Africa with Ghana.
The company will also invest in its operations, upgrade of its products and customer experience, and in the generation of more revenue. Regarding the new Series A funding, Kendall Ananyi, CEO and Co-Founder of Tizeti says the investment would allow Tizeti expand its customer base on the continent.
“Tizeti was built to tackle poor internet connectivity not only in Nigeria but on the continent as a whole, by developing a cost-effective solution from inception to delivery, for reliable and uncapped internet access for potentially millions of Africans. We have grown rapidly in the Nigerian market in the last 12 months and expect to continue on this trajectory, as millions more Africans come online. This Series A investment allows us to continue providing a peerless service in Nigeria, building out our customer base there, as well as scale across Africa, starting with Ghana” he said.
The Series A funding was led by 4DX Ventures, with the involvement of other investors like Y Combinator Continuity, Lynnet Capital, Social Capital, Western Technology Investment, Friale, and Golden Palm Investments. 4DX Ventures had previously made a Seed Investment of $2.1 million in 2017.
Walter Baddoo Co-Founder & Managing Partner of 4DX Ventures joins Tizeti’s Board of Directors as part of the investment deal. Baddoo recognizes the importance of making data available for Africans and says Tizeti will now adopt a continental approach to Internet service provision.
“Reducing the cost of data in Africa is a critical step in accelerating the pace of internet adoption across the continent. Tizeti, driven by a stellar company culture, has built a world-class network that delivers data to users at a fraction of the current cost. Tizeti makes it easier and cheaper to connect Africa to the global digital economy and we are excited to partner with Kendall and his team on this mission” Badoo said.
As a result of its expansion plans, Tizeti will be launching a new consumer-facing brand this year, Wifi Africa, beginning with its Ghana operations.
Tizeti operates using solar-powered base stations, allowing it to reduce operational costs in a country where businesses have to produce their own power amidst epileptic power supply from government-owned power stations. Since its graduation from Y Combinator’s winter 2017 batch, Tizeti has fitted more than 7000 public Wifi hotspots around Nigeria with more than 150,000 users on its service since its graduation from Y Combinator’s winter 2017 batch. In November 2017, Tizeti announced a joint venture with Facebook to establish internet hotspots in Abuja, Nigeria’s capital.
Tizeti’s low operating costs, coupled with its excellent service has positioned it as one of Nigeria’s most important ICT and tech infrastructure leader. An unlimited plan for Wifi.com.ng costs N9,500/$30 per month, which allows Tizeti be hyper-competitive in the ISP sector.