Asoko Insight, a provider of corporate information on African growth markets has raised an undisclosed amount of funding from Nigeria’s Singularity Investments, a Nigeria-based investment firm focused on high growth companies operating in Africa’s technology sector.
The funding from Singularity will be used to further build out Asoko’s data collection capacity on leading private companies in the Company’s top markets that include Nigeria, Kenya and Ghana. Singularity Investments joins North Base Media, CRE Venture Capital, Emergo Partners and J.E. Berman Associates as Asoko’s financial backers.
In a statement, Lexi Novitske, Principal Investment Officer at Singularity Investments, said: “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.”
Asoko Insight provides data and analysis on African companies to global corporates, investors, governments, and African players.
In November the firm completed a $1.35 million fundraising round to deepen its research and analysis of more than a thousand privately held companies in Nigeria, Kenya and Ghana, the company’s top markets, and to extend regional operations and build out the technology behind its digital platform.
The firm 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.
Rob Withagen, Asoko’s Managing Director, 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.”
Based in Lagos, Nigeria, Singularity is led by Issam Darwish, CEO and founder of IHS Towers, Africa’s independent telecoms infrastructure company with assets in excess of $4bn. It invests in firms targeting Africa and North America.