Adbot, an expert in online advertising solutions for owners of small and medium-sized enterprises (SMEs) in Africa, has announced a $500,000 capital raise from Enygma Ventures, an investment fund for female entrepreneurs and women founders focused on Southern and Eastern Africa.
Online advertising is critically important for accessing local and international markets. Despite this, an affordable solution for small business owners has not existed until now.
Previously, small business owners would either have to spend hours trying to figure out how to use the Google interface or pay someone (by the hour) to do it for them.
Sub-Saharan Africa alone is home to 44 million micro, small, and medium enterprises. But how many of these businesses can afford to pay someone to handle Google Ads for them? Consequently, time and money-strapped business owners typically don’t advertise online.
Enter Adbot. Using machine learning and automation, the company creates a Google Ads account and helps clients set up ads, all within 10 minutes. Ads are managed by Adbot on an ongoing basis, with effectiveness increasing as more is learnt about the client’s industry.
Due to its automation, AdBot is able to offer its services to SME owners without a setup or monthly fee. Adbot not only saves business owners time and money, but also gives them the freedom to grow their business.
On why Enygma Ventures invested in Adbot, Operating Partner, Lelemba Phiri, shares, “Adbot’s offering is the first of its kind on the market and 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.”
Adbot CEO, Michelle Geere, says, “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.”
She continues: “When we met Enygma Ventures, it was clear that we shared a passion for growing businesses on the continent. We also share the drive to help women entrepreneurs in Africa succeed.”
Africa is the only region in the world where more women than men choose to become entrepreneurs. “Through Adbot, we are able to provide these women entrepreneurs with access to larger markets, giving them an opportunity to grow. Additionally, as only 2% of Venture Capital budgets currently go towards women-owned and managed businesses, we want to help them take a larger share of the investment industry,” explains Geere.
She concludes by saying: “We have a lot to achieve, but this funding round will definitely start the momentum of bringing African SMEs, and women SMEs in particular, to the world.”