Mustard Insights has raised an undisclosed amount of capital in a pre-seed round of funding towards its goal of building Africa’s largest data repository.
The data visualisation company raised the amount in a pre-seed round led by Velocity digital as well as other investors who took part in the pre-seed round of fundraising, according to Nairametrics.
Founded in January 2021, Mustard Insights currently creates data visualizations and disseminates them to a broad audience by leveraging digital and social media channels. Its objective is to ensure that its users are presented with information that can aid diverse levels of decision making.
In addition to serving as a trusted source of economic and social data in Africa, Mustard Insights will also conduct market research for its clientele and prepare quality market reports in high-demand areas. The funds raised will be used by Mustard insights to further scale its operations.
Lawretta Egba who is the founder and CEO of the company is a financial analyst, communications professional, and data storyteller. Having a first degree in accounting as well as a member of the Institute of Chartered Accountants of Nigeria (ICAN), her career began in private equity where she first encountered the dearth of industry data as a vital input for investment projections.
A private interview with Lawretta Egba revealed that the company believes in democratizing data and is thus confident that Mustard Insights will be pivotal in providing access to quality primary and secondary data for Africans and those in the diaspora having interest in Africa.
While the startup is set to launch its platform in March, it currently provides detailed insights to subscribers through its weekly newsletter and social media accounts.
There is more data being created in Africa than ever before thanks to social media, mobile money, the internet, and smartphones. Therefore, the possibilities that come with leveraging and increasingly tracking this data for the continuous advancement of the African continent stand to be immense.