Asoko Insight, the African Data Company, has announced it has raised funds from Singularity Investments, a Nigeria-based investment office specialising in high growth companies operating in Africa’s technology sector.
The funds, which has not been disclosed, will be used to further build out Asoko’s data collection capacity on leading private companies in the Company’s top markets which include Nigeria, Kenya and Ghana.
Asoko’s 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.”
“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,” added Lexi Novitske of Singularity.
With the investment, Singularity Investments joins North Base Media, CRE Venture Capital, Emergo Partners and J.E. Berman Associates – they all invested US$1.3 million last year – as Asoko’s financial backers.
Asoko Insight represents a new and innovative approach to conducting business development and due diligence.
In building the continent’s leading business intelligence platform, Asoko Insight will lower the cost of doing business, and make available intelligent and regularly updated information for regional and global corporates, investors, lenders, professional service providers, DFIs and governments looking to engage with African companies.
Asoko Insight was established in 2013 with a core mandate to improve the availability and quality of corporate data in Africa’s most promising economies.
The company is headquartered in London and operates through research bases in Accra, Lagos and Nairobi.