African market intelligence startup raises $4 million in seed funding

Data has become essential in all facets of life. It is used in business to predict consumer behavior and preferences. In politics, it is used to gain insight into the preferences of potential voters, and in academia, data, among other things, is used to provide solutions.

However, data gathering in Africa and some other parts of the world remains poor and not harmonized, making it difficult for businesses to make predictions based on reasonable feedback. This led Joseph Rutakangwa to start a market intelligence platform called Rwazi.

According to Grit Daily, the platform provides companies with actionable data from developing markets on who is buying what, for how much, from where, when, and why. It also utilizes a network of qualified “mappers in over 40 urban countries in Africa as well as South Asia to collect data from their localities.”

A report by Techcabal notes that the data analytics market is valued at $271 billion and is projected to grow beyond $655 billion by 2029. What is more, the population of Sub-Saharan Africa is projected to increase and lead to a rise in the demand for consumer intelligence.

Joseph Rutakangwa, the co-founder of Rwazi, wants to be a big player in the industry by positioning his firm as a market leader with a mission to capture a larger share of this expanding market. In this regard, the firm recently raised $4 million in a seed round led by Bonfire Ventures. According to Techcabal, Rwazi will invest the funds in emerging markets like Africa, South Asia, and parts of Latin America.

“We’ve already built a network of 50,000 local consumers across Africa who provide our paying subscribers, including Fortune 500 global brands, with unparalleled insight into who’s buying what, for how much, from where, when, and why. Now, we’re announcing that with our new funds, we’ll be further scaling our reach across Africa, South Asia, and parts of Latin America,” Rutakangwa said in a statement.

In October 2022, Rwazi closed a $3.8 million seed round after graduating from Techstars Los Angeles in June 2022. The funding raised saw participation from Newfund Capital and Alumni Ventures, bringing Rwazi’s total funding to $7.8 million.

According to Techcrunch, the startups’ customers include 18 multinational corporations that track more than 200 different products across sectors like fast-moving consumer goods, healthcare, telecommunications, and financial services. The platform is also used by brands to determine locations for future expansion.

“Others are looking for new markets that are growing and have good demographics — regions where they can start establishing themselves to be able to capture future sales,” Rutakangwa told Techcrunch.