Asoko Insight has announced the completion of its $3.6 million Series-A fundraising round, this is coming at a time when it plans to move into the next stage of its pan-African expansion plan.
What Asoko intends to do with the new funding
Asoko Insights says it plans to use the new funding to deepen its product offering to compliance professionals, expand its African footprint and build on its technology to support scaling data collection, analysis, and delivery.
The new fund-raising followed a strong 2017 for the company in which both the number of companies and countries covered doubled and global players including Goldman Sachs, UBS, HB Fuller and Deloitte subscribed to its platform.
Rob Withagen, Co-Founder & CEO, Asoko, noted that its a huge challenge trying to solve Africa’s data gap.
In his words:
“Since Asoko’s launch four years ago, we have successfully bridged these by aggregating and enhancing corporate data sets, developing a tech-enabled collection and delivery platform and establishing strong brand recognition among core suppliers and clients. Our next step is guided by what our clients want: more coverage, in particular on ownership and network linkages.”
Asoko provides superior data on many African companies, public and private, to help investors identify leads, research investment opportunities and monitor corporate developments. The data analytics startup collects and constantly updates company information through a variety of frontline data acquisition channels.
Series A round financing is usually a company’s first significant round of venture capital financing the name refers to the class of preferred stock sold to investors in exchange for their investment.