Stears, a data-driven business publication in Nigeria, raised $3.3 million in funding in a seed round led by MaC Venture Capital, Serena Ventures, and more.
According to the company’s co-founder and CEO, Preston Ideh, the next step is building a valuable database on African economies and markets. In his announcement, he called the new phase ‘Stears 3.0’.
“To become the most trusted source of data and insights, we have to do three things that haven’t been done in Africa before; first, identify all existing sources of data; second, design a shared language to understand all the data; and third; combine these datasets to create proprietary views of the African market that don’t exist anywhere else,” Ideh wrote.
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In its first ever fundraising round, Stears had gotten $650,000 from Luminate Fund, Future Africa and CcHub. Perhaps, as the CEO said, that further strengthened their resolve that they were doing something right.
What is most impressive is the fact that Stears succeeded in launching a premium product, which to the uninitiated, was doomed to fail because Nigerians typically weren’t prone to pay for these kinds of articles.
With its roots starting from its founders and growing to more than 30+ guest writers in its first few months, the publication has become an authority in the business sector. And it is just beginning.
What sets Stears apart is that it is not just a destination for getting the latest happenings in the financial world. Instead, it provides answers to many crucial questions, and its comprehensive database can serve as a guide to economists interested in learning about the Nigerian market.
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