Over the decades, the news media landscape has changed dramatically. Checking for news online—whether through Google, social network sites, major newspapers, or local media websites—has become ubiquitous. The widespread use of smartphones also means the latest developments around the world are delivered to people instantaneously.
While digital media has connected people in ways never before possible, enabling users to remain informed and maintain relationships across time and distance, companies in the space have attracted a paltry amount of funding. In 2021, venture capital invested $115 million in digital media globally, a tenth of the $1.1billion it funded in 2015, but not much came to Africa. Digital newsrooms in Africa are more likely to receive story grants than business funding, with a few exceptions.
Today, one of such exceptions, Big Cabal Media (BCM), a leading African digital media company, has announced a $2.3 million Seed funding round, emphasising its commitment to keep building exciting and authoritative media products and brands. The new investment round saw participation from existing investors: Unicorn Capital Partners and Future Africa. New investors such as Mac Venture Capital and Luminate Capital Partners participated.
Prior to this funding, with just over $600,000 raised in funding, BCM has grown to become one of the most exciting media and tech businesses in Africa. Its two major publications, TechCabal and Zikoko, reach over 30 million people monthly across platforms, with over 170,000 newsletter subscribers, and a 225% compound annual growth rate (CAGR) between 2018 and 2021.
Founded in 2013 by Bankole Oluwafemi, TechCabal started as a deliberate effort to cover the burgeoning Nigerian tech ecosystem. While the publication started out focusing just on the Nigerian startup space, it soon expanded its coverage to all of Africa. The publication covers startup fundraises, product launches, expansions, regulatory tussles, and stories of various players in the digital economy.
