Nigerian online comic startup Comic Republic has raised funding from two investors in the first quarter of 2017, to be used to expand the platform’s portfolio over the coming year.
The startup raised funding from two investors in the first quarter of the year – angel investor Tseyi Hammond, and Nigerian stationery brand Aviva – with each contributing seven-digit Naira investments. Tseyi Hammond also joins the startup as non executive director.
Comic Republic said the funds will be used for expansion, and to enable more productions across the year.
The investments show that comic books can be a profitable venture in Africa, the startup says.
“I am very happy and excited about the opportunity to work with the Comic Republic team as a non executive director. The company is well positioned as the leading character-based entertainment company in Nigeria and we aim to continue to grow its presence in Africa and beyond,” said Hammond.
“Comics and animation had a big influence on my childhood and continues to do so till today. I am hoping the team continues this legacy of shaping young minds and providing entertainment for generations to come.”
Aviva’s investment follows a prior partnership with Comic Republic – six months ago the company acquired the licence to reproduce Comic Republic characters on some of its stationery lines.