Market intelligence platform, Rwazi, has secured $4 million in seed funding to scale its operations and expand its offerings.
The funding round was led by Bonfire Ventures, an early-stage venture capital firm that invests exclusively in B2B software companies at seed stage, with participation from Newfund Capital, and Alumni Ventures.
Rwazi was founded in 2021 by CEO Joseph Rutakangwa and COO Eric Sewankambo, with the aim of providing businesses with real-time market intelligence and insights. The platform aggregates data from various sources, producing data based on the needs of the subscribers using its SaaS product, and uses artificial intelligence and natural language processing algorithms to analyze the data and provide actionable insights to businesses.
Present in over 40 countries in Africa and South Asia, Rwazi leverages a network of qualified mappers to collect data from localities. The platform is designed to help businesses make data-driven decisions, identify new opportunities, and stay ahead of their competitors. Rwazi’s clients include companies in the e-commerce, retail, and consumer goods industries, as well as financial institutions and consulting firms.
With the new funding, Rwazi plans to bridge the language gap that exists in regions it operates by rolling out new products that support several languages before the end of this year. The company aims to increase its customer base and expand into new markets across Africa, as well as enhance its technology and product offerings.
Rwazi has already helped businesses in Nigeria and other African countries, including Dangote, Gillette, Dettol, and Hima Cement, among others, to make informed decisions and stay ahead of their competitors. The company has the potential to transform the way businesses operate in Africa, and the new funding will help the company to achieve its goals.
Last year, Rwazi participated in the Techstars Los Angeles accelerator program. The company currently has a network of 50,000 consumers, and 18 multinationals tracking more than 200 different products, in various sectors including fast-moving consumer goods, healthcare, telecommunications, and financial services.
Overall, the $4 million seed funding is a significant milestone for Rwazi, and will enable the company to take further steps in achieving its goals and expanding its offerings. The platform’s focus on real-time market intelligence and insights is particularly relevant in today’s fast-paced business environment, and has the potential to transform the way businesses operate in Africa.