Teraki, a business based in Ethiopia that produces audiobooks and podcasts, has secured money from Renew Capital, an impact investing firm that focuses on Africa. The transaction, which took place not too long ago for an undisclosed sum, is advantageous not just for Teraki but also for Ethiopia’s rapidly expanding audiobook and podcast community.
Then startup and the rapidly growing audiobook and podcast community in Ethiopia both stand to gain from the deal, which was concluded for a price that was not revealed.
Teraki was founded by Nahom Tsegaye, who said that the newly raised funds would be utilised to build and expand the business and that there is a possibility that the firm may enter another African market by the year 2024.
Nahom said, “We are delighted to have the support, and this is a big step forward for Terak.”
“The Narrator” is what the term “Teraki” translates to in Amharic. It is the name of a programme that originates in Ethiopia and is responsible for producing, playing, and disseminating original audio material.
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In the year 2019, Nahom Tsegaye and Abel Engida both contributed $2,000 to the first funding of the company. Teraki used these monies to engage Ethiopian voice actors in addition to Ethiopian actors in order to record narrations for some of the most well-known novels to come out of their nation.
The people behind Teraki are under the impression that informative and engaging Ethiopian audio material is being pushed to the background on international streaming platforms.
Why Teraki was Created
When Teraki was first released in June 2021 because consumers were having trouble locating content, while content providers were having trouble promoting their work.
After realising there was a disconnect between listeners and producers, the Teraki platform was developed to fill the void.
The site had around 38,000 users as of the month of November. These users listened to a wide variety of podcasts, including those on technology, business, spirituality, relationships, and current events, as well as novels, children’s books, and self-help books.
Our generation is extremely reliant on technology, and Ethiopian young is increasingly adopting Teraki to comprehend various current situations and define our role in the world,” Nahom included.
Co-founder Abel Engida remarks also, “The youth don’t have that connection with their elders and those storytellers.”
Deliver Addis, a market leader in food delivery and logistics, is one of the Ethiopian companies in which Renew Investments has made investments. Desta Plc, a manufacturer of textiles and clothing, is another. Mama Fresh Injera is an enterprise that bakes fresh injera, which it then sells domestically and exports.
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The Impact of Teraki on the Education of the Visually Impaired
The Ethiopian Blind Association, Zuzu for Health and Education, and officials from the Teraki App have come together to announce a new project that will make books accessible to blind and visually impaired people. Students and educators in Ethiopia who are blind or have low vision would benefit from this initiative since it will make instructional materials accessible to them in audio format.
Even though braille textbooks are obtainable, converted, and printed in accordance with the standards, a representative from the Ethiopian Blind Association named Sebsebe Yilma explained that there are not enough of them for the large percentage of the blind community in Addis Ababa, much less even throughout the entirety of Ethiopia.
There were a total of twelve pieces of content recorded for the 11th and 12th-grade exit examinations, and four of those pieces underwent extensive editing.
During the launch, they were handed over to the Ethiopian Blind Association in order to be distributed to the members who had already registered.
Access to the books is also available to users of smartphones via the Teraki App, which is an audio streaming service that provides its audience with East African audiobooks, podcasts, and radio programmes.
The Teraki App is a great idea that makes information available to people who are too busy to read, can’t read, or can’t see.