Big Cabal Media Raises $2.3 Million to Expand its Line of Digital Products in Africa
Over 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.
Source: TechCabal (link opens in a new window)
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