Joseph Rutakanga looked for tools for eight years to assist firms collect knowledge data from consumers. Finally he decided to easily construct her.
Now his startup called Rwazi has collected a series A of 12 million US dollars, which Bonfire Ventures managed to assist firms with market information and consumer knowledge. He founded the corporate in 2021 with co -founder Eric Sewankambo.
“There was an abundance of information on consumers and market level for places corresponding to the USA, Great Britain and a few parts of Western Europe, possibly some traces in Canada and Australia. But when it got here to international markets, including economic giants corresponding to India, Brazil, Mexico, Japan, Turkey and China, there was nothing usable,” he said to Techcrunch. “Not an actual picture of consumption, what consumers wanted or how their behavior has modified.”
At first he thought to unravel the issue by bought statistics from government trade agencies. But finally he found that the info was outdated, fragmented or sometimes simply not available. He then turned to purchase consumer reports and located that they were often inaccurate or difficult to prove.
“The solution weren’t surveys. It weren't panels. It was what we now describe zero-party data; consumption data that were voluntarily shared by the buyer in their very own routines, which were recorded all over the place with the assistance of prolonged validation and checking systems,” said Rutakangwa.
The couple has built up an AI-driven intelligence software system via their startup, with which firms have a visibility of their consumer markets in real time. It helps to predict consumer behavior and discover necessary areas that you could listen to, which in turn may also help reduce the associated fee of customer acquisition and increase customer loyalty. Rwazi customers include top consumer firms corresponding to Coca-Cola, Pampers, Visa and Nestle, via Rwazi website.
The company previously collected a seed round of 4 million US dollars in 2022, also by Bonfire Ventures.
Rutakangwa described the fundraising process this time as “selective” and said that he and Sewankambo focused on “finding the proper partners who deeply understood the issue”. Other investors on this round are Santa Barbara Ventures, Newfund and Alumni Ventures.
Rwazi said that fresh capital would use to scale his AI co-pilot to assist its customers make more precise real-time decisions. It also hopes to rent more engineers. Data is currently drawn from 190 countries, with customers mainly within the USA and Europe. The goal, as Rutakangwa said, is to further construct up the infrastructure that covers the developing world of consumer data.
Rwazi has a contest, including Legacy Consumer Insights company GfK and Ipsos. But Rutakangwa said Rwazi differs from his competitors since it isn’t depending on modeled or derived data. Instead, its own infrastructure enables knowledge and execution. When he knew what to do and what to do, he continued.
“To win today means to anticipate shifts, to see within the corners and take confident steps before the competition even records a change,” he said.
