Rwazi, a startup specializing in market intelligence, has raised $4 million in seed funding to scale up its platform. The company collects data directly from consumers to provide insights into emerging markets.
Rwazi offers information on market size and value, consumer profiles, purchasing power, and competitor penetration. By collecting unit-level data such as product sizes, purchase frequency, and geographic location, the platform offers a more accurate and detailed view than larger research firms that rely on sample information.
The platform is available in 40 African countries and has a presence in other emerging markets like South Asia and Latin America.
Rwazi's platform allows consumers to log their purchases via a web or mobile app and receive compensation for verified submissions. The data collected by Rwazi include product usage, frequency of consumption, household budgets, and income.
The startup's network includes 50,000 consumers and 18 multinationals tracking over 200 different products across various sectors. By focusing on sourcing data directly from consumers, Rwazi has developed a unique approach to market intelligence, which has attracted significant investment and helped establish the platform as a major player in emerging markets.
Rwazi's expansion plans and product launches are supported by the recent funding round, which was led by Bonfire Ventures, with participation from Newfund Capital and Alumni Ventures. The startup plans to use the funding to expand its reach and launch new products while broadening its demographic data through multi-language support.