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 co-founder Kehinde Ayanleye

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.

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Adegoke Seun

Adegoke Seun Oyeniyi is a business intelligence and media consultant specialized in helping foreign companies understand or penetrate African markets. He is also an award-winning business writer with Ashoka Scholar and 2016 Media Prize to his credit. He is the AIMGroup West Africa analyst covering major markets like Nigeria, Senegal and Ghana.