Corporate market intelligence startup, Asoko Insight, just announced an undisclosed funding from Singularity Investments. This investment is to further build the data collection capacity of the company, enabling it monitor leading privately held companies in their top markets.
This is good news for the company who completed its $1.35 million seed funding roundtwo years ago. Founded in 2013, Asoko Insight provides data and analysis on African companies to global corporates, investors, governments and African players. Their top markets are in Nigeria, Ghana and Kenya.
New investors, Singularity Investments, will join North Base Media, CRE Venture Capital, Emergo Partners and J.E. Berman Associates on the list of Asoko Insight’s investors. Specialising in high-growth companies operating in Africa’s technology sector, the company is a private establishment that provides capital to nurture early-stage or transformational companies that have scalable business models.
Speaking on the deal, Managing Director, Rob Withagen said, “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”.
Singularity Investments also feels the same way. In the words of Principal Investment Officer, Lexi Novitske, “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.”
We’re going to be hearing a lot more from Singularity Investments. Word is, Lexi Novitske is planning a four-part investment advice series. The series will run every Thursday, starting from this Thursday.