Provider of African corporate information and market intelligence Asoko Insight has secured an undisclosed amount of funding from Nigeria’s Singularity Investments, to be used to grow the startup’s data collection capacity in its top markets.
Launched in 2013, Asoko has research bases in Ghana, Nigeria and Kenya, assisting more than 1,000 businesses in the three countries.
Asoko said the new funding will be used to build out its data collection capacity on leading private companies, primarily in those three markets.
The new funding comes hot on the heels of a US$1.35 million fundraising round which Asoko closed in November, to enable the startup to accelerate its rollout across the region’s “most dynamic” economies.
As such, Lagos-based Singularity joins North Base Media, CRE Venture Capital, Emergo Partners and J.E. Berman Associates as Asoko’s financial backers.
“With Singularity we have found a strategic partner whose know-how, relationships, and understanding of Africa’s burgeoning data industry offers tremendous value to Asoko’s deepening presence in our focus markets,”said Asoko’s managing director, Rob Withagen.
According to Lexi Novitske of Singularity: “We see a substantial need for private business intelligence in Africa. Singularity is delighted to support Asoko Insight’s strong team as they build a robust platform, providing global companies with the key data and research tools necessary to make informed business decisions throughout the African market.”