Other businesses, including Serena Ventures, Melo 7 Tech Partners, Luminate Fund of Omidyar Group, and Cascador, participated in the round, which was led by Mac Venture Capital.
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In a statement issued on Monday, Preston Ideh, CEO of Stears, expressed joy at the development and gave the assurance that the money would result in the company’s expansion to other African nations.
The statement read in part, “We’re excited to announce that we have closed our seed round funding of $3.3M led by @MaCVentureCap, with participation from @SerenaVentures.
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“Like all startups, it is our job to obsess over the problem we set out to solve and keep learning from our users. We know that the market wants more than just articles, no matter how well-researched. It isn’t just about building Stears 2.0 in the 54 African countries; that is not the goal.
“To be the most trusted source of data and insights in Africa, a >$1 trillion economy with >1 billion people, the continent needs deep, reliable, regular streams of data, not just articles or reports. To provide this, we know what we must do next: focus on making proprietary data, models, tools and forecasts directly available to our users.
“What does this look like? It means building the most valuable database on African economies and markets. It means expanding our intelligence team into Kenya, South Africa, and Egypt. It means developing local expertise that cannot be replicated with remote offices.”