Stears, a pan-African provider of financial data and insight, has unveiled the closing of a $3.3 million seed investment round. MaC Venture Capital acted as the round’s leader, and investors, including Serena Ventures, Melo 7 Tech Partners, Cascador, and Hoaq Club, participated in the fundraising.
Stears has stated that it intends to use this investment to strengthen its data collection and analytics skills, as well as its ability to acquire talent and expand throughout East and Southern Africa. [Citation needed] Stears has said that it plans to use this money to grow in East and Southern Africa.
Abdulrahim, the company’s Chief Operating Officer and Chief Data Scientist said, “With this new investment, we can expand our data coverage to meet the needs of professionals around the world who want direct access to our data, not just our insight.”
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Reasons for the investments in Stears
Commenting on the fundraising, Marlon Nichols, co-founder and managing general partner at MaC Venture Capital, says, “Stears is uniquely positioned to provide the proprietary and accurate data needed to unlock trade and deeper business relationships with African countries and companies.” Stears is “uniquely positioned to provide the accurate and proprietary data needed to open trade with African countries and businesses and to build stronger business relationships.”
“Better and more transparent business and financial data is expected to lead to more investment in the African continent,” says tennis star Serena Williams, who is also the founder and managing general partner at Serena Ventures. Serena Ventures was named after the tennis player Serena Williams. For professionals working in global settings, Stears has demonstrated an in-depth understanding of the complexity involved in finding a solution to this challenge. Stears is in a great position to take advantage of the huge data opportunity on the continent because it has both cutting-edge technology and a lot of data.
What the Company Offers
The year 2017 marked the beginning of operations for the financial data and intelligence company known as Stears. It gives businesses and professionals all over the world access to data and insights in their fields in exchange for a recurring membership fee.
Information providers operating on a global scale, such as Bloomberg and Thomson Reuters, have constructed data powerhouses that serve as information gateways to Western markets. We are currently putting into action an African adaptation of this concept, with a particular emphasis on the frequently unavailable, out-of-date, or inadequately digitized datasets that are required by African operators, finance and policy experts, researchers, and even regulators. According to Preston Ideh, CEO of Stears,
A subscription insight product that has established itself as a dependable source of intelligence on the Nigerian market has been Stears’ most successful service to this day, and it is likely to remain so for the foreseeable future as well. The consumer market was the company’s initial focus; however, it has expanded its customer base to include financial institutions such as banks and fintech companies, in addition to some of the most well-known multinational organizations currently engaged in Africa. The European Investment Bank, the United Nations Development Programme, and the Foreign Commonwealth and Development Office are some of the organizations that fall under this category.
According to Abdulrahim, the company is working with worldwide organisations to advance the development and financial institutions to generate proprietary and exclusive datasets that are not available anywhere else. These datasets are created specifically for the use of the company.
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About Stears
Stears are experts who utilize data about Africa’s macroeconomy and finance, as well as analytical models and data collection techniques, to answer research questions about the continent’s potential future. They offer historical data, indices, reports, whitepapers, and briefs to inform decisions on investment and policy.