Zeno Ventures, the San Francisco-based venture capital firm established in 2016, has backed Tizeti, the wireless broadband internet services provider based in Menlo Park, California and Lagos, Nigeria. Terms of the deal were not disclosed.
The company, which counts the wifi.com.ng among its brand offerings, provides its clients broadband internet connectivity via solar powered WiFi towers in the Nigerian capital. It plans to roll out its operating model to other densely populated cities on the continent.
Customers buy unlimited data plans starting at $30 per month pay which is a considerable saving on competitive mobile plans, as well as offering users short-term hotspot services. With only 1% of the continent’s population having a broadband subscription, the opportunity for expansion is enormous.
The investment is the seventh for Zeno Ventures, which closed its debut fund earlier this year.