With around 50 million users, Nigeria has the largest Internet market in Africa. Internet access and mobile phone usage are exploding thanks to a large youth population and an emerging economy, and Adsolut is ready and waiting to capitalize on this growth.
Adsolut launched today as the “admeld for Africa.” It is an ad network and management platform that helps web publishers more effectively reach their target audience and sell and manage their ads online.
“Nigeria has thousands of blogs and websites catering for every facet of human life,” said founder Morzook Biobaku in an interview. “There are the blogs but there are no advertisers, yet advertisers want to have their products on the net. This is where adsolut comes in; we will be the bridge between advertisers and web publishers. There is a huge market for online advertising in Nigeria and adsolut wants to pioneer the movement.”
Biobaku said advertisers in Africa struggle to find the right channels to promote their products, and Adsolut is a local, “home-grown” solution that makes it easier. The company not only provides a network, but also takes on an agency role by using actual marketing professionals to help customers identify and target the right audience. The company also monitors ads and provides analytics.
Adsolut is currently in the process of building its own ad servers. The company is raising a seed round on Angel List which will support building out the technology and growing the network of advertisers and publishers. Attracting venture capital is not easy in Africa and the cost of getting online is still high. Furthermore, there is not consistent electricity so startups have to rely on electric generators which are expensive. Biobaku said that while these factors increase overhead costs and slow growth, Nigeria is currently home to an Internet “craze” and the market is bubbling with opportunity.
There are other a few other homegrown ad networks that serve Nigeria (and Africa), including mobile advertising network Twinpine and South African Offer Forge. Adsolut currently has three employees and is based in Lagos, Nigeria.