In the spirit of building and strengthening the digital economy, the owner of venture capital firm, Serena Williams and others fund Stears (a data and insights firm), with a seed of $3.3 million.
The seed funding program is led by MaC Enterprise Capital, Omidyar Group’s Luminate Fund, Melo 7 Tech Companions and Cascador.
The Nigeria-based financial data and insights firm delivers professional, analytical and advisory services from collected, processed and produced data, which gives giant businesses the avenue to make sound decisions about the African economy and markets.
The company offers regular digital publications known as Stears Insights to subscribers. Stears was also the first to design Nigeria’s real-time election database in 2019; following the next presidential election in 2023, the analytical firm plans to relaunch the database.
Stears management envisaged the expansion of its products and services beyond data analysis to enhance data partnership and aims to launch its own proprietary data service, as it would also enlarge its geographical reach to East and Southern Africa.
“Our mission has always been to be the world’s most trusted provider of African data and insight”, said Preston Ideh, one of the company’s founders and software engineer.
Since Stear Inc’s target is to enhance global businesses by leveraging on domain expertise, disruptive trends, transformation and technology, Serena says that the investment is strategic as it aims “to increase the investment community on the continent”. “Better and more transparent business and financial data is expected to lead to more investment on the African continent. Stears has shown a deep appreciation for the complexities involved in solving this problem for global professionals. Through, a combination of technology and data, Stears is well placed to leverage the massive data opportunity on the continent”, she added.
The new funding amounted to $ 4 million after pre-seed funding led by Omidyar Group’s Luminate Fund in 2019. The company has also recorded nearly a month-to-month 6.5% growth in its user base.
Data and technology have intertwined with the fabric of global businesses and professionalism, increasing revenue, as recorded by Stears. We are pretty sure that customers will experience a shoot in revenue generation.
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Photo by ngr
