A Nigerian advertising tech-technology startup known as TaxiTV recently secured a seed funding round led by Beta.Ventures – a Nigeria based investment company that funds early-stage entrepreneurs in a bid to give tech startups the upper hand to become biggies in their industries.
Others investors that took part in the seed round included SASWARE’s Collin Onuegbu, Neon Ventures’ Sam Senbajo, and other individuals. According to the numerous sources, the funding is believed to be in the range of USD 50 K to USD 100 K.
Concerning the state of the in-cab entertainment industry of Nigeria, the CEO of TaxiTV told Weetracker that “There are 20, 000 premium cabs in Nigeria and with the time each of them spends in traffic, especially in highly densely populated areas such as Lagos, means there is a huge market awaiting us. We are currently working on collaborating with a ride-hailing service cab/aggregator, which would avail us the avenue to expand into major Nigerian cities and other parts of Africa.”
The funding amount will be deployed in improving the product and expanding into new regions. TaxiTV was launched in October 2017, and the startup has been putting two and two together in ensuring that the ad-tech screen feature is present in every premium taxicab that operates across major cities in Nigeria by 2020.
This ride entertainment system was founded to give riders enjoyment content in their vehicles and provide advertisement channels for the corporate brands and startups in the country. As at June 5, 2018, the startup claims to have a 150 driver base on its platform.