Asoko Insight, the two year old startup, providing corporate information and market intelligence on African growth markets, has completed a $1.35 million fundraising round.
The company will use the money to deepen their research and analysis of more than a thousand privately held companies in the company’s top markets – Nigeria, Kenya and Ghana – and to build out the technology behind its digital platform.
By providing data and analysis on African companies, Asoko is building a business intelligence platform that will make available intelligent and regularly updated information for regional and global corporations, investors, and governments looking to engage with African companies.
In a press release, Rob Withagen, co-founder and Managing Director of Asoko Insight, said: “This new funding will allow us to give customers insight on even more companies across Africa, while adding analytics in a seamless user experience. Africa’s got great corporations. Now it has great corporate data, available to everyone.””
The funding round was led by two investment firms: North Base Media, an international media-investment group specializing in growth markets, and CRE Venture Capital, an investment firm focused on technology-enabled businesses across Sub-Saharan Africa.
“One of the longest standing, albeit understated, impediments to doing business in Africa is the scarcity and price-tag of high quality, intelligent and actionable corporate and market information. Asoko’s pan-African business intelligence platform is tackling this challenge head-on, and will transform how people do business in Africa” said, Pardon Makumbe, Founding Partner at CRE Venture Capital.
Asoko Insight was established in 2013, has its headquarters in London and operates through research bases in Accra, Lagos and Nairobi.