Adbot, a South African company that provides online advertising solutions for African small and medium-sized businesses (SMEs), has raised ZAR7 million (US $500,000) in funding from Enygma Ventures to help it increase its customer base.
Adbot, which was launched in 2019, provides small company owners with easy and helpful tools for success, allowing them to enter new markets and develop their businesses.
In just 10 minutes, the business establishes a Google Ads account and helps clients build up ads using machine learning and automation. Adbot manages ads on a continuous basis, boosting their efficacy as more is learned about the client’s sector.
Enygma Ventures, a ZAR100 million (US $6.8 million) investment fund for female entrepreneurs and women creators concentrating on Southern and Eastern Africa, led the ZAR7 million (US $500,000) capital round. It will be utilised to expand Adbot’s clientele.
“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.
Adbot’s product, according to Enygma Ventures operating partner Lelemba Phiri, is the first of its sort 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.