Asoko Insight raises Sh135m seed funding

Asoko Insight, a provider of corporate intelligence on Africa’s growth markets, has completed a Sh137m ($1.35 million) fundraising round, as it accelerates its rollout in the continent’s most dynamic economies.

The new funds will be used to deepen Asoko’s research and analysis of more than a thousand privately held companies in Nigeria, Kenya and Ghana, extend operations to new markets and to build the technology behind its digital platform.

Asoko said its platform represents a new and innovative approach to conducting business development and due diligence.

In building Africa’s business intelligence platform, Asoko hopes to lower the cost of doing business, and make available intelligent and regularly updated information for regional and global corporations, investors, lenders, professional service providers, DFIs and governments looking to engage with African companies.

Seamless user experience

Rob Withagen, the co-founder and managing director of Asoko Insight, said the new funding enables the company to include more companies on the platform while adding analytics in a seamless user experience.

The fundraising round was led by North Base Media, an international media-investment group specializing in growth markets, and CRE Venture Capital, an investment firm focused on technology-enabled businesses across Sub-Saharan Africa. NBM and CRE join a group of prominent angel investors as shareholders.

NBM Managing Partner Marcus Brauchli said rapid growth and modernization of African national economies has created a huge demand for sophisticated, reliable information about business and companies demanding services such as Asoko’s.

SOURCE: BUSINESS DAILY