Phoenix Browser Secures $100m Series A Fund

By Adedapo Adesanya

Browser-derived super app, Phoenix, has announced closing a $100 million Series-A fundraising round.

It was announced by the company that a renowned sovereign fund participated in the round alongside previous strategic investors, including top internet companies and tech-focused funds.

With the new round of funding, the team expects to harness its recommendation engine further, refine in-app functions, provide better marketing services and gear up for global expansion.

Since its launch in Nigeria in late 2019, the Phoenix browser 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 wants to combine its edges in AI-powered algorithmic personalization, both the content feeds and app functionalities, to win over millions of African people and make Phoenix their go-to place for daily information and entertainment.

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 many contents 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 as localised and 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 believes that it 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, exposing young filmmakers and video creators to world-class directors and their masterclasses. Phoenix believes in the unlimited potential local creativity can unleash and is thrilled to contribute to the vibrant cultural scenes in the continent.

Phoenix reached over 400 million Appstore downloads and over 100 million monthly active users in less than three years. The app has also gathered steam as it has risen to 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 can communicate more intimately and creatively with consumers.

Speaking on this, Mr Oluwatosin Sawyerr, the global head of strategic partnership of Phoenix, said, “Phoenix is thrilled to partake in the digital transformation in Africa and beyond.

“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,” he said.