Nigeria’s Tizeti raises $3 million Series A funding to expand its solar-powered internet network
Tizeti, a Lagos-based Internet Service Provider that builds and operates solar-powered towers in Nigeria has secured $3 million in Series A funding led by 4DX Ventures with participation from existing investors Y Combinator Continuity, Lynett Capital, Social Capital, Western Technology Investment, Friále and Golden Palm Investments.
The new funding round, which comes a year after it raised seed investment of $2.1 million, is expected to be used to expand its operations outside of Nigeria, starting with Ghana.
It would also make investments in operations, product development and overall customer experience, with a view toward growing profitability exponentially, according to a company statement.
Tizeti’s unlimited Internet plan currently costs ₦9, 500 per month (about $30), which helps the company to be hyper-competitive when it comes to subscription packages. The competitive pricing is possible thanks to the company’s innovative use of solar-powered base stations, which enables it to significantly reduce operating costs.
The company also announced that it would launch a new consumer-facing brand Wifi.Africa later this year, which would bring unlimited high speed broadband internet access to residences, businesses, events and conferences in other African countries.
Since graduating from Y Combinator’s Winter 2017 batch, Tizeti claims to have installed over 7,000 public Wifi hotspots within Nigeria with 150,000 users.
In November 2017, it announced a partnership with Facebook to offer Express Wi-Fi in the country, rolling out hundreds of internet hotspots across Abuja, Nigeria’s capital city.