African tech startup Rwazi has secured $4 million in seed funding to support their market intelligence platform for the African continent.

Obtaining data is essential for success and one startup has developed a way to help businesses source the information that is essential for their progress.

TechCrunch reports Rwazi, an African market intelligence firm, has raised $4 million in a seed funding round. This round was backed by Bonfire Ventures, Newfund Capital and Alumni Ventures. The money will aid the organization, founded by Eric Sewankambo and Joseph Rutakangwa, with expansion and upcoming product releases.

So, what does Rwazi do? Utilizing an app, the startup collects data from users directly by logging all of their purchases. After a verification procedure, the users are then rewarded. The data is based on the customers’ requirements, which range from product utilization to household budgets and income. The two creators started the business after attempting to acquire timely market insights in their prior roles. It demonstrated to them how difficult the process could be and, more importantly, how priceless that data could be.

To date, the app is available in 40 African countries, as well as South Asia and Latin America. With the new funding, Rutakangwa said they can tackle language obstacles. “This year, we are introducing new products that support different languages because this has been a hindrance to our expansion in these regions,” the founder stated.

At present, Rwazi has 50,000 customers, including more than 15 international enterprises in numerous industries. While that may appear remarkable, Rutakangwa said there is still more work to be done.

“Looking back at 2022, it was indeed a hard year for investing in emerging markets, with pervasive inflation and supply chain disruptions impacting many of these markets,” the CEO told Grit Daily.

“Yet, many analysts are hopeful that 2023 will be a better year for investing in emerging markets,” he continued. “This is due to various factors, including the anticipation that central banks in advanced economies will ease their monetary policies, which could reduce some of the strains experienced by emerging market currencies.

Additionally, governments in these regions are expected to launch stimulus packages that could help spur economic growth.”

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