Home » Tanzanian tech entrepreneur Joseph Rutakangwa leads U.S.-based startup to raise $4 million in funding

Tanzanian tech entrepreneur Joseph Rutakangwa leads U.S.-based startup to raise $4 million in funding

by Mfonobong Nsehe
Joseph Rutakangwa

Tanzanian tech entrepreneur Joseph Rutakangwa has guided his U.S.-based market intelligence startup, Rwazi, to a successful $4-million seed round, with Bonfire Ventures, an early-stage venture capital firm that specializes in B2B software companies at the seed stage, serving as the lead investor.

As one of the trailblazing African entrepreneurs using technology to challenge the conventional market intelligence space, Joseph Rutakangwa is empowering companies to broaden their horizons and augment their revenue in Africa, Asia, and South America.

His startup, Rwazi is spearheading a paradigm shift in the approach to market intelligence, leveraging a network of more than 50,000 highly skilled mappers located in over 60 African and South Asian nations to collect data from an expansive 1.4 million outlets.

Rwazi’s business model integrates a consumer network, which furnishes the company with intelligence spanning various sectors, from financial services and telecommunications to healthcare and consumer goods.

The startup’s app employs crowdsourcing to gather data through on-the-ground consumers, who are remunerated for sharing information about their purchases. This information is useful for global brands that rely on Rwazi’s customer dashboard to access actionable insights.

Having gained quick acceptance among leading brands and multinational corporations, Rwazi has successfully garnered investor interest, leading to a recently acquired $4 million seed round. The company plans to leverage this funding to extend its broad outreach and solidify its position as a significant player in the market intelligence sector.

The seed round of $4 million brings Rwazi’s total funding since its inception in 2018 to $7.8 million. The capital injection is set to consolidate Rwazi’s position as a major player in the market intelligence sector while expanding its broad reach in emerging markets.

The startup plans to use the funding to drive its strategic expansion plans, with a particular focus on expanding its reach in emerging markets like Africa, South Asia, and parts of Latin America.

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