Stears, a Nigerian data and intelligence company, is pivoting from its consumer-focused data solutions into an organisation-focused intelligence company with new offerings.
Since its launch in 2017, Stears, a Nigerian data company, has evolved into an influential publication focused on data and information on Nigeria and its economy. With its analysis and unique offerings like a COVID-19 case monitoring platform and Nigeria’s first real-time election database, Stears represented a definitive source of information for Nigerians. But the company is now shifting its focus from consumers to organisations with its new B2B approach.
According to Yvette Dimiri, the director at Stears, this change was driven by user feedback. “From the insights and data solutions being requested by our professional users, there seems to be a good fit there,” Dimiri said. “When we thought about, how do we produce these new insights and data solutions in a way that is good for the business? Of course, we’re still a business, it became very clear that we need to shift our model.”
Backed by cumulative funding worth $4 million, the company will now offer organisations new intelligence solutions, including market sizing estimates, predictive forecasts, consumer indices, and comprehensive macroeconomic datasets. It hopes that with these new solutions, it will continue to attract global organisations operating or investing in the African continent.
Stears says its customers include the United Nations Development Programme (UNDP), European Investment Bank, Infracredit, PZ Cussons, and Piggyvest. Funmi Ogunlesi, head of government affairs at Citibank Nigeria, said that Stears is her “secret weapon and go-to source of reliable data.”
Stears currently runs a subscription service for individuals and these subscriptions will continue to have access until their subscription expires. “We do believe that a number of our users who are professionals working in professional contexts and have always been champions of Stears will continue to champion the brand within those organisations,” Dimiri said.
The company will also continue to publish articles, which have been the core of its intelligence solutions, and there will be no changes to the editorial team. Dimiri told TechCabal that this was possible because Stears had only hired analysts in the past two and a half years.
Stears is backed by Luminate, a philanthropic organisation, that aims to fight misinformation in Africa. When asked if the company’s investors were on board with the pivot from providing individuals with information, Dimiri told TechCabal its investors were aligned with the pivot because Stears will continue to provide some free data solutions like the election database to the public.
Stears will also continue to expand its presence on the continent with a primary focus on East and West Africa, according to Dimiri. She also told TechCabal that the pivot was not influenced by the company’s subscription model which she said the company was “really happy” with.
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