Stears raises $3.3 million Seed capital for expansion
Summary
Our customers tell us we are building a systemically important company to address Africas data problem," explains Preston Ideh, Stears CEO. "Africa is home to the first humans and is now the next frontier for business," said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital. They also appreciate that several African countries are subject to unique business processes and are primarily cash-based economies, which results in understated GDP, among other things. Stears is uniquely positioned to provide the proprietary and accurate data needed to unlock trade and deeper business relationships with African countries and companies. It came to life after the four founders, Michael Famoroti, an economist; Bode Ogunlana, a software engineer; Abdul Abdulrahim, a data scientist and Preston Ideh, graduates of the London School of Economics and the University of Oxford, decided to team up and start an insights company focused on Nigeria.