African corporate information platform Asoko Insight has has completed a US$3.6 million Series A fundraising round as it moves into the next stage of its pan-African expansion plan.
Launched in 2014, Asoko Insight operates through research bases in Accra, Lagos, Nairobi, Addis Ababa and Abidjan, collecting and analysing company information through channels such as technology, partnerships and teams of research analysts and data services personnel.
Early shareholders, including North Base Media, CRE Venture Capital, Singularity Investments and Lateral Capital, participated in the funding round, joined by new participants such as LC Partners, Spice Fund, Outlierz Ventures, and Zephyr Acorn. The round was oversubscribed by 20 per cent.
The company will use the new funding to deepen its product offering to compliance professionals, expand its African footprint and build out its technology to support scaling data collection, analysis and delivery.
“Tackling Africa’s corporate data gap comes with unique challenges. Since Asoko’s launch four years ago, we have successfully bridged these by aggregating and enhancing corporate data sets, developing a tech-enabled collection and delivery platform and 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,” says Rob Withagen, co-founder and chief executive officer (CEO) of Asoko Insight.
The fund-raise follows a strong 2017 for the company in which both the number of companies and countries covered on the platform 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’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,” said Stuart Karle, a partner in North Base Media and member of the Asoko board.