Nigeria’s Stutern turns profitable in 2nd year
28 Feb 2017
Though these are still very early days for Stutern, co-founder Kehinde Ayanleye has disclosed that the Nigeria-based internship start-up hit profitability in 2016.
Stutern was founded in 2014, but swung into full operation in 2015, placing students and fresh graduates in internship positions. For a short while, local incubator Co-creation Hub seed-funded it with $5,000 U.S., and West Africa’s largest and SEEK-backed jobs site Jobberman.com, made an undisclosed non-equity investment in the start-up for a portion of its sales (read our article).
“User growth was a metric we didn’t give much attention in 2016. We were more focused on placing candidates in companies and generating revenue from the employers,” Kehinde Ayanleye said.
“We placed 30 to 35 candidates per month. That’s an average of slightly more than one candidate every day in the year 2016. This year, we are looking at larger companies to sign recruitment contracts with us, as well as government bodies,” the University of Kent graduate explained.
According to Brookings Institute, Nigeria churns out 1.8 million graduates annually. This presents a sizeable market opportunity. Currently, Stutern has 50,000 registered users, and is the only player in the niche internship classifieds space in Nigeria.