South African startup Adbot, which provides online advertising solutions for owners of small and medium-sized enterprises (SMEs) in Africa, has announced a ZAR7 million (US$500,000) capital raise from Enygma Ventures to help it expand its user base.
Launched in 2019, Adbot empowers small business owners with simple and supportive tools for success, giving them access to new markets and freedom to grow.
Using machine learning and automation, the company creates a Google Ads account and helps clients set up adverts, all in under 10 minutes. Adverts are managed by Adbot on an ongoing basis, with effectiveness increasing as more is learnt about the client’s industry.
The ZAR7 million (US$500,000) funding round comes from Enygma Ventures, a ZAR100 million (US$6.8 million) investment fund for female entrepreneurs and women founders focused on Southern and Eastern Africa, launched in late 2019. It will be used to grow Adbot’s customer base.
“Adbot has a really solid product and tech stack so, with this funding, we will focus on growing our user base. We will be reaching out to every small business owner in South Africa as a start, from the braai shack in Gugulethu, to the unique investment company in Sandton. If you have a business, you need Google Ads in order to be found and Adbot is the most cost-effective and efficient way to do this,” said chief executive officer (CEO) Michelle Geere.
Enygma Ventures operating partner Lelemba Phiri said Adbot’s offering was the first of its kind on the market.
“Having worked with SMEs on the continent for over a decade, we are keenly aware of their challenges, with market access being chief among them. Adbot’s potential in solving this issue for small business owners in Africa is immense and exciting,” she said.