Big Cabal raises funding to shore up TechCabal and Zikoto output
By Jeph Ajobaju, Chief Copy Editor
Big Cabal Media (BCM), the parent company of TechCabal and Zikoko, has raised $2.3 million in seed funding to develop its product, grow both staff and audience levels, and distinguish itself from competitors.
The new funding brings its total funding to over $2.9 million, having raised only $620,000 angel and pre-seed round between 2016 and 2020.
The funding round was Led by Mac Venture Capital with participation from venture capital firms Luminate, Unicorn Group, Future Africa, and several angel investors.
Exception to the norm
“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,” BCM Chief Executive Officer Tomiwa Aladekomo said
“In 2021, we quadrupled our 2020 revenue, and over the last four years our CAGR [compound annual growth rate] is 225 per cent. 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 three 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.”
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Potential for success, scale, global impact
“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,” added Marlon Nichols, co-founder and Managing General Partner at MaC Venture Capital, according to Nairametrics.
“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.”
About BCM
Big Cabal Media was founded by Bankole Oluwafemi in 2013 to cover the Nigerian tech ecosystem. It later expanded coverage to all of Africa.
BCM says its major publications, TechCabal and Zikoko, reach over 30 million people monthly across platforms and witnessed a 225 per cent CAGR between 2018 and 2021.
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