Rwazi, a Wilmington, Delaware-based market intelligence startup that provides multinational consumer goods companies with actionable data, raised $4 million in seed funding.
The round was led by Bonfire Ventures, with participation from Newfund Capital and Alumni Ventures. The funds will be used to support its expansion plans and planned product launches.
“We are rolling out new products this year that support different languages, because this has been a barrier to our growth in these regions,” said Joseph Rutakangwa, co-founder and CEO of Rwazi.
Launched in 2021, the startup is now scaling in emerging markets, including in Africa, where it claims to already have a presence in 40 countries and is available in other markets like South Asia and Latin America.
Rwazi collects data such as product usage, frequency of consumption, household budgets, and income, based on the needs of its customers. What data the firm obtains is based on the demands of its SaaS product users.
Rwazi, which was part of the Techstars Los Angeles accelerator program last year, currently has a network of 50,000 consumers.
Its customers include 18 multinational corporations that track more than 200 different products across sectors including fast-moving consumer goods, healthcare, telecommunications, and financial services.
Company: Rwazi Inc.
Round: Seed Round
Funding Month: March 2023
Lead Investors: Bonfire Ventures
Additional Investors: Newfund Capital and Alumni Ventures
Company Website: https://rwazi.com/
Software Category: Market Intelligence Platform
About the Company: Founded by Joseph Rutakangwa and Eric Sewankambo, Rwazi is an early-stage B2B SaaS startup that provides a market intelligence platform. Its platform provides companies with actionable data from developing markets on who is buying what, for how much, from where, when, and why, to help them drive revenue and expand. They utilize a network of qualified mappers spread across urban 40+ countries in Africa and South Asia, to collect data from their localities. The company’s mission is to build data infrastructure to connect developing markets to the global market.