The firm said the new funding will deepen its product offering to compliance professionals and expand its African footprint
The company said it will use the new funding to deepen its product offering to compliance professionals, expand its African footprint and build out its technology to support scaling data collection, analysis and delivery.
Rob Withagen, Co-Founder & CEO said: “Tackling Africa’s corporate data gap comes with unique challenges. 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."
In a statement released on Friday, April 6, 2018, Asoko Insight said the Series A funding round was oversubscribed by 20% as new participants such as LC Partners, Spice Fund and Zephyr Acorn joined early shareholders, including North Base Media, CRE Venture Capital, Singularity Investments and Lateral Capital.
"The fundraise follows 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. Asoko also concluded a string of strategic partnerships, including one with London Stock Exchange Group (LSEG), PwC and CDC Group to develop the 2018 edition of Companies To Inspire Africa."
Stuart Karle, a partner in North Base Media and member of the Asoko board while commenting on their participation at the Series A funding round said: "Asoko’s information services provide clients with critical insights into business segments and markets in Africa. We were excited to participate in this funding round, which will dramatically expand the scope of Asoko’s coverage and improve the transparency of markets in Africa for Asoko’s clients.”
Julien Riant and Charles-Henri de Mortemart, partners at incoming investor LC Partners, added: “We are proud to work with the Asoko team who has developed a unique corporate information offering for Africa. We strongly believe in Asoko’s product roadmap and its contribution to the global visibility of robust, African businesses in key African economies.”
In 2017, Asoko Insights completed a $1.35 million fundraising round from North Base Media, an international media investment group specialising in growth markets and CRE Venture Capital, an investment firm focused on tech-enabled businesses across Africa.
Asoko Insights, established in 2014, with its headquarters in London and operates through research bases in Accra, Lagos, Nairobi, Addis Ababa and Abidjan, has been raising fund to expand its technological reach across Africa nations. The firm provides data analysis on African companies to global corporate, investors, government and African players.