Big Cabal Media (BCM), a Nigerian digital media company known for publications like TechCabal and Zikoko, has successfully raised $2.3 million in seed funding to expand its reach and diversify its content offerings. The funding round was led by MaC Venture Capital, with support from Luminate, Unicorn Group, Future Africa, and other angel investors.
This new investment builds upon a previous $620,000 raised between 2016 and 2020, bringing BCM’s total funding to over $2.9 million.Founded in 2013 by Seyi Taylor and Bankole Oluwafemi, and currently led by CEO Tomiwa Aladekomo, BCM has grown to become a key player in Africa’s tech media scene. TechCabal, which launched in 2014, has become one of the continent’s leading tech publications, covering everything from startups to policy and venture capital. With a monthly audience of 300,000 to 500,000 unique visitors and more than 60,000 subscribers to its newsletters, TechCabal has been instrumental in shaping Africa’s technology narrative.
Zikoko, another flagship publication from BCM, caters to a younger audience, offering content centered around youth culture. Initially focusing on lighter, BuzzFeed-style content, Zikoko has evolved into a platform for more serious topics affecting Gen Z and millennials in Africa. With over 20 million readers each month, Zikoko has become a significant voice in the region’s media landscape.
The company’s revenue model primarily relies on advertising, a common structure for many African tech and entertainment outlets. However, BCM differentiates itself by diversifying its revenue streams. In addition to advertising, BCM operates several profitable subsidiaries, including Cabal Creative, an in-house content studio that serves clients like Google and Uber, and TC Insights, a data analytics and consulting service. The company’s event arm, TC Events, also generates substantial income. BCM’s revenue in the past year saw a fourfold increase from 2020, and the company has maintained a compound annual growth rate (CAGR) of 225% over the past four years.
Looking ahead, the new funding will enable BCM to enhance its technological capabilities, expand its audience base, and invest in product innovations, including the development of Zikoko Memes, a platform for African-centric memes and gifs. The company plans to increase its headcount and improve its editorial offerings, all while aiming to become a major player in shaping Africa’s digital media future.
Despite the challenges of scaling a media company in Africa, where digital media is still catching up with more mature markets like the U.S., BCM remains optimistic about its growth. Aladekomo believes the company is well-positioned to take advantage of the internet’s growing reach in Africa, especially among the continent’s youthful demographic, which represents a significant opportunity to reshape how stories about Africa are told.
