Business News Technology Trends Trends

Phoenix Closed a 100-million Round as It Grows to Be the Go-to Content Distributor of the Emerging Markets

rowser-derived super app, Phoenix (https://Phoenix-browser.com/), announced recently that it has closed a 100 million USD Series-A fundraising round. A renowned sovereign fund participated in the round alongside previous strategic investors including top internet companies and tech-focused funds. Since its Nigeria launch in late 2019, the super app has served over 400 million users in Africa, Asia, and Latin America with a built-in search engine, content feeds, productivity tools and a range of localized in-app features.

 

The company combines its edges in AI-powered algorithmic personalization — both the content feeds and app functionalities are highly curated based on users’ preferences. Local and global hits juxtaposed with light-relief entertainment, and this helps win over millions of African people as Phoenix becomes their go-to place for daily information and entertainment. Users are propelled to search, surf, learn and kill time in the hybrid super app, and are able to manage local docs, unzip files, and edit Offices as well. Phoenix also goes out of its way to enhance user experiences and address inadequate digital infrastructure in Africa, as it is developed to enable browsing with low network latency and unstable connection.

Home to the world’s youngest population, Africa has witnessed a booming mobile economy and rapid growth in smartphone penetration. Digital content consumption is also on the rise. However, the shortage of aggregation and distribution channels left a large number of contents and creators buried. The market thus needs more efficient indigenous platforms that can provide seamless browsing experiences and tools that help users easily access all kinds of information in the digital world.

 

As it leaps to become the leading super app in emerging markets, Phoenix strives to remain localized as much as diversified. It now supports over 20 languages, including vernaculars like Amharic and Oromo. With teams in 17 countries across Africa, Middle East and Latin America, and staff members made up of 20 nationalities, Phoenix thrives as a global cohort that balances international and local perspectives.

Phoenix is thrilled to partake in the digital transformation in Africa and beyond

 

To help creative industries germinate locally, the company sponsored Edo State International Film Festival 2022 in Nigeria that exposes young filmmakers and video creators to world-class directors and their masterclasses. Phoenix believes in the unlimited potential local creativity is able to unleash and is thrilled to contribute to the vibrant cultural scenes in the continent.

Phoenix reaches over 400 million Appstore downloads and over 100 million monthly active users in less than three years. The one-stop experience the app provides guarantees high user engagement and stickiness, as it rises as one of the fastest growing mobile apps worldwide and the Top 5 most actively-used mobile apps in Africa according to DataSparkle. As users spend more time on the app and their appetites for digital contents grow, online marketing on Phoenix emerges as an effective channel to reach customers for brands and companies. Benefiting from the highly personalized recommendation engine, they are now able to communicate with consumers more intimately and creatively.

 

“Phoenix is thrilled to partake in the digital transformation in Africa and beyond” said Oluwatosin Sawyerr, the global head of strategic partnership of Phoenix, “we will help more mobile users in the developing world discover and access the best and the most relevant content available. We also aspire to serve our business clients with the most customized and high-quality services, providing them with cutting edge marketing tools and helping them reach users in ways unseen by conventional advertisements.” With the new round of funding, the team expects to further harness the recommendation engine, refine in-app functions, provide better marketing services and gear up for global expansion.

Leave a Comment

Your email address will not be published.

You may also like

Business Economy Finance News

Stakeholders Converge at the Maiden International Financial Inclusion Conference, Lead Conversations on Financial Inclusion

post-image

 

 

 

Nigeria, on 24th and 25th November 2022 hosted the largest convening of the global Financial Inclusion ecosystem since the launch of its National Financial Inclusion Strategy in 2012. The 2022 International Financial Inclusion Conference organized by the Central Bank of Nigeria (CBN) and its partners within the financial inclusion governance committees themed: “Financial Inclusion for all: Scaling Innovative Digital Models” had in attendance over 5000 participants from at least 78 countries around the world.

Among the major dignitaries in attendance were His Excellency, President Muhammadu Buhari (GCFR), who was represented by the Honorable Minister of the Federal Capital Territory, Mallam Mohammad Musa Bello (CON); United Nations Secretary-General Special Advocate (UNSGSA) on Inclusive Finance, Queen Maxima of the Netherlands; Secretary to the Government of the Federation, Mr. Boss Mustapha; the Honorable Minister for Communication and Digital Economy, Professor Isa Pantami; the Honorable Minister of Women Affairs, Dame Pauline Tallen; the Honorable…

Read More
Agriculture Business Culture Economy

FG TO STREAMLINE EXISTING SORGHUM VARIETIES TO ENHANCE SELF-SUFFICIENCY, OTHERS

post-image

 

Federal Government has reiterated its commitment to streamline the existing sorghum varieties in the country to enhance Self-sufficiency, income generation, Food and Nutrition Security amongst others.

The Minister, Federal Ministry of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar revealed this while receiving report of the Sorghum Technical Committee, in his office, in Abuja, recently.

He stated that the objective of streamlining the existing sorghum varieties was to find other ways of improving productivity, value addition and quality of sorghum produce, noting that the exercise was crucial as it would enhance farmer’s income, attract more youth to sorghum cultivation, meet national demand as well as contribute to the growth of the Gross Domestic Product.

In his words” This cannot be achieved without the collaborative efforts of all Stakeholders of which farmers, Seed producers, Input providers and international Institutes are part”.

He recalled that the technical committee arose from a sorghum stakeholders meeting on…

Read More
Business Economy

African startups are weathering the funding storm with acquisitions

post-image

A new report from Africa’s foremost digital economy consultancy, TechCabal (https://TechCabal.com) Insights has revealed that acquisitions have become more frequent in Africa’s tech ecosystem, showing signs of a maturing market. According to the report, 2021 saw 32 acquisition deals on the continent. At the end of Q3 2022, there were about 43 acquisition deals, signaling a consolidation trend.

 

 

After two years of continuous growth in VC investment, funding announcements have hit a plateau. Startups have resorted to cutting costs to extend their runway, and acquisition deals have become necessary for survival, particularly with startups operating in the same market. The number of acquisitions between startups operating in the same market increased from 31% in Q2 to 52% in Q3 2022.

 

The State of Tech in Africa Report compiled by TechCabal Insights, also found that the average seed ticket size remained stable at $2.5M in…

Read More
Business Economy Society Technology Technology Trends

Multimillion-dollar boost for small business as more African countries join MultiChoice Africa Accelerator Programme

post-image

Following the success of the MultiChoice (www.MultiChoice.com) Africa Accelerator (https://bit.ly/3OtthRz) Programme, which secured $16 million (USD) of funding for six emerging businesses last year, the programme has been expanded to eight more countries across Africa.

 

Many more small businesses in Africa’s technology sector now have the chance to benefit from the 2023 programme, which provides the skills and opportunities needed to attract transformative business funding.

“We’re really excited to be expanding the MultiChoice Africa Accelerator Programme to more African countries,” said Calvo Mawela, MultiChoice Group CEO, announcing the launch. “It’s part of our long-term commitment to growing and multiplying Africa’s technology potential, which is critical to our future growth.”

The MultiChoice Africa Accelerator Programme, which kicked off during Global Entrepreneurship Week,  is aimed at established start-ups and small enterprises in specific technology sectors – healthtech, agritech, fintech, edutech, the circular economy and the creative industries.

“There…

Read More
Announcements Business Culture Events Technology Tourism Trends

Spark Africa set to hold the largest tech gathering in Africa; the Africa Technology Expo.

post-image

 

Spark Africa, The African Technology Leader has announced the company’s readiness to host the African Technology Expo, a gathering of tech enthusiasts and stakeholders with the aim of promoting indigenous African talents and innovations.

This was disclosed by the Convener of the event and CEO of Spark Africa, Nnaemeka Clinton, during a Press briefing.

According to him;“Nigeria has over 30 Million People with viable ideas, about 10,000 startups and over 200 of these startups are fintech.

Most tech events in Africa and Nigeria specifically do not solve the issue of helping our unique talents with viable tech ideas translate their ideas to startups.
This isn’t about creating an avenue for motivation and encouraging networking amongst African talents alone, that is good, however, the “working the talk” is by transforming their ideas into startups.
The Africa Technology Expo, the largest tech gathering in Africa is different, this year’s debut edition is aimed at converting over…

Read More
Announcements Business Economy Technology Technology Trends Telecoms

ON THE UPCOMING AUCTION OF TWO (2) LOTS OF 3.5GHZ SPECTRUM

post-image

 

The Nigerian Communications Commission (the Commission), in line with Section 121 of the Nigerian Communications Act 2003 (the Act) has the responsibility to manage and administer Spectrum resources for the communications sector in an efficient and effective manner. This is for the socio-economic benefit of the country.

Accordingly, it is the Commission’s responsibility, as the industry regulator, to ensure that harmonized and standardized Spectrum resources are made available in a timely manner to ensure its optimal utilization. The impact of the Commission’s regulatory activities in this regard is evident in the contribution of ICT, and telecommunications in particular, to the Gross Domestic Product (GDP) of the country.

The Act allows available Spectrum resources to be licensed through different methods. Spectrum licensing via Auction is one of the most transparent methods of assigning Spectrum resources globally. It is important to note that the Commission in response to requests for more Spectrum lots…

Read More
Business Economy News Technology Technology Trends Telecoms

NCC-CSIRT Urges Adoption of Two-Factor Authentication as Somnia Ransomware Targets Telegram Accounts

post-image

 

In response to the discovery of a new attack that compromises victims’ VPN (Virtual Private Network) accounts to compromise messaging app, Telegram, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has advised users to adopt two-factor authentication to protect their Telegram accounts and to not download unknown Advanced IP Scanner Software.
Ukrainian cyber experts discovered the attack, which uses Vidar Malware (Vidar Stealer) to steal Telegram session data, which in the absence of configured two-factor authentication and a passcode, allows unauthorized access to the victim’s telegram account and corporate account or network.

The malware, which exploits unauthorized access to users’ Telegram accounts and corporate accounts to steal data, targets platforms across iOS, Android, Linux, Mac and Windows Operating Systems.

“The Ukrainian CERT alleged that a Somnia Ransomware was created to be used on Telegram that tricks users to download an installer that mimics ‘Advanced IP Scanner’ software, which contains Vidar…

Read More
Business Economy Energy

KOLMANI OIL AND GAS PROJECT HAS ATTRACTED OVER $3BN INVESTMENT IN FOSSIL ENERGY – PRESIDENT BUHARI

post-image

 

– Restates Net Zero Carbon Emission By 2060

President Muhammadu Buhari has declared that his administration attracted over $3bn investment in the Oil and Gas Sector at a time of near-zero appetite for investment in fossil energy.

Speaking Tuesday in Bauchi at the Flag-off Ceremony of the Kolmani Integrated Development Project, a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer, President Buhari said:

“Considering the land locked location and the huge capital requirement, the economics of the project is a challenging proposition. Consequently, from the outset, I instructed NNPC Limited to utilize and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment.

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract…

Read More