Asoko Insight has announced the completion of a USD 3.6 Mn Series A fundraising, targeted at increasing the company’s data collation capacity to cover more African businesses. With this round that startup stands at an overall USD 8 Mn of funding.
Asoko Insight, a firm that provides data analysis on African companies to global corporate, investors, government and African players, says the new funding will enable it to build out its technology to support scaling data collection and analysis which will further expand its African operations.
As told to WeeTracker, the company noted that the Series A funding round was oversubscribed by 20%. LC Partners, Spice Fund and Zephyr Acorn who were among new the participants in the Series A joined early shareholders like North Base Media, CRE Venture Capital, Singularity Investments and Lateral Capital.
Rob Withagen, Co-Founder & CEO admits that acquiring corporate data in Africa comes with unique challenges which Asoko since its launch four years ago have successfully bridged by aggregating and enhancing corporate data sets.
He also disclosed that Asoko has developed a “tech-enabled collection and delivery platform while establishing strong brand recognition among core suppliers and clients.”
“Our next step is guided by what our clients want: more coverage, in particular on ownership and network linkages,” he said.
Stuart Karle, a partner in North Base Media and member of the Asoko board further explains that “Asoko’s information services provide clients with critical insights into business segments and markets in Africa. We were excited to participate in this funding round, which will dramatically expand the scope of Asoko’s coverage and improve the transparency of markets in Africa for Asoko’s clients,”
The fundraising follows a strong 2017 for the company, in which both the number of companies and countries covered doubled and global players including Goldman Sachs, UBS, HB Fuller and Deloitte subscribed. Asoko also concluded a string of strategic partnerships, including one with London Stock Exchange Group (LSEG), PwC and CDC Group to develop the 2018 edition of Companies To Inspire Africa.
Asoko Insight, established in 2014, has its headquarters in London and operates through research bases in Accra, Lagos, Nairobi, Addis Ababa and Abidjan, has been raising fund to expand its technological reach across Africa nations. The name is derived from a Swahili word ‘soko’ which stands for market with an ‘A’ to signify the focus on Africa.
Cover picture: Rob Withagen, Co-Founder & CEO, Asoko Insight