Rwazi, a market intelligence startup that helps the world better understand developing market customers, has secured $4 million in a seed round headed by Bonfire Ventures. Rwazi will use this new funding to expand into growing areas like as Africa and South Asia.
Rwazi completed Techstars Los Angeles in June 2022 and closed a $3.8 million seed round in October of that same year. Rwazi’s total fundraising has now reached $7.8 million thanks to this new round, in which Newfund Capital and Alumni Ventures gladly participated.
Rwazi wants to establish itself as the industry leader and take in more of this growing market with the latest funding.
Why The Investors Invested
The founders of Rwazi were lauded by Jennifer Richard, principal of Bonfire Ventures, who also insisted that her investment firm continues to be positive about Rwazi.
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“I met the founders of Rwazi and was instantly impressed by their intellect, curiosity, and vision for the future of data visibility in emerging markets. By the time we wrote the term sheet four months later, Joseph and Eric had more than tripled revenue with a team of five and no capital raised. Needless to say, we are honored to support them as partners, and we’re bullish on Rwazi’s ability to execute a logistically challenging operation in a vast market.”
A Look At What The Startup Does
Founded in 2021 by Joseph Rutakangwa and Eric Sewankambo, the business concept of Rwazi includes a consumer network that offers the company information into a variety of industries, including consumer products, financial services, telecommunications, and healthcare. Via an app, Rwazi uses local customers who are compensated for contributing information about the goods they purchase to crowdsource data collecting. For international companies using Rwazi’s consumer dashboard to gain useful data, this information is helpful.
Joseph Rutakangwa said: “We’ve already built a network of 50,000 local consumers across Africa who provide our paying subscribers, including Fortune 500 global brands, with unparalleled insight into who’s buying what, for how much, from where, when, and why. Now, we’re announcing that with our new funds, we’ll be further scaling our reach across Africa, South Asia, and parts of Latin America.”
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Rwazi is a prominent player in the enormous big data analytics industry, which was anticipated to reach $271 billion this year and surpass $655 billion by 2029. Moreover, it is anticipated that population growth in developing nations like sub-Saharan Africa would raise demand for consumer intelligence.
Rwazi market intelligence Rwazi market intelligence
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard