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Phoenix Closed a 100 million USD Series-A Fundraising Round

Browser-derived super app, Phoenix, announced recently that it has closed a 100 million USD Series-A fundraising round as it grows to be the go-to content distributor of emerging markets. 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 content 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, the 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. 

To help creative industries germinate locally, the company sponsored Edo State International Film Festival 2022 in Nigeria which 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 content 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. 



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