Big Cabal Media [BCM], a Nigerian media firm, has closed a $2.3 million seed round led by MaC Venture Capital, with participation from Luminate, Unicorn Group, Future Africa and a range of angel investors.
Big Cabal Media which previously raised about $620,000 in angel and pre-seed funding between 2016 and 2020 creates content through its online platforms, TechCabal and Zikoko, as well as its content studio and digital consultancy arms.
The new investment will allow Big Cabal Media to grow its audiences, build out new technology products and further consolidate its position as a media and technology brand in Africa.
Launched in 2014, Big Cabal Media is a media business covering technology and youth culture on the continent. Its publication, Zikoko, which reaches over twenty million readers monthly, reflects and amplifies the most urgent elements of youth culture in Nigeria.
TechCabal, the company’s flagship publication, covers Africa’s developing technology ecosystem, combining reporting, daily newsletters and events that draw the biggest operators and investors together.
In addition to building content and news platforms, BCM has grown 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 an estimated $4.7bn in 2021, with fintech startups receiving approximately 63 percent of that volume.
Digital media has not been a big part of that funding equation, despite Africa having one of the fastest-growing digital media sectors globally, with millions of Africans coming online for the first time looking for original and engaging content tailored for their needs.
“Africa is seeing explosive growth across its tech industries, and content is a critical component of that. Today, Big Cabal Media (BCM) leads engaging conversations around innovation, entrepreneurship, culture, and all the things that matter to a dynamic, growing continent. This round will allow us to invest deeply in technology products and our own tech stack, video production arm, and growing our reach across and beyond the continent,” Tomiwa Aladekomo, CEO, Big Cabal Media, said.
Per use of the funding, part of it will go into the development of an evolved version of Zikoko Memes, a Giphy-like product focused on African memes, gifs and images, that was first launched in 2020 and has shown great promise.
“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,” Marlon Nichols, Co-Founder and Managing General Partner of MaC Venture Capital, said.
