Asoko Insight,a provider of corporate information on African growth markets has raised an undisclosed round of funding from Singularity Investments, a Nigeria-based investment office specialising in high growth companies operating in Africa’s technology sector.
Singularity Investments will join North Base Media, CRE Venture Capital, Emergo Partners and J.E. Berman Associates as Asoko’s financial backers.
The firm’s lead principal, Issam Darwish, is Executive Vice Chairman & Group Chief Executive Officer of IHS Towers, the largest mobile telecommunications infrastructure provider in Africa, Europe and the Middle East.
The additional funding, which remains undisclosed, 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 represents a new and innovative approach to conducting business development and due diligence. In building the continent’s leading business intelligence platform, Asoko 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.
Commenting on the deal, 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”
Lexi Novitske of Singularity added, “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.”
Headquartered in London with research bases in Lagos, Accra and Nairobi, Asoko Insight provides data and analysis on African companies to global corporates, investors, governments, and African players. It was established in 2013 with a core mandate to improve the availability and quality of corporate data in Africa’s most promising economies.