Stears Raises $3.3 Million for its Expansion into East and Southern Africa

Stears, a Nigerian data and Intelligence company, has announced that they have raised $3.3 Million to help its data collection and expansion into East and Southern Africa.

We know global professionals need our data and insight because banks, research firms, development organisations and investors are already using our early products. Our customers tell us we are building a ‘systemically important’ company to address Africa’s data problem.

Preston Ideh, CEO, Stears

Our experience with our flagship insights product, Stears Premium, introduced us to significant demand for more than just insights. Now, we are working with international development institutions and financial institutions to produce proprietary and exclusive datasets that don’t exist anywhere else. With this new investment, we can expand our data coverage to target the needs of global professionals who want direct access to our data, not just our insight.

Abdul Abdulrahim, COO and data scientist, Stear

Globally, information providers like Bloomberg and Thomson Reuters have built data powerhouses which act as information gateways to Western markets. We are executing an African version of this model, focused on the often missing, outdated or poorly digitised African datasets needed by operators, finance and policy professionals, researchers and even regulators.

Preston Ideh, CEO, Stears

Africa is home to the first humans and is now the next frontier for business. Many multinational corporations and governments understand this to be a reality. 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.

Marlon Nichols, Co-founder and Managing General Partner, Stears