Rwazi, a startup specializing in market intelligence based in Mauritius, has secured $12 million in a Series A funding round aimed at expanding its AI-driven consumer data platform targeting emerging markets. The funding round was spearheaded by Bonfire Ventures, and included investments from Newfund, Alumni Ventures, and Santa Barbara Venture Partners. This increases the total funding received by the company to over $16 million. Established by Joseph Rutakangwa and Eric Sewankambo during their time at the African Leadership University in Mauritius, Rwazi offers real-time, zero-party data collected from consumers in over 40 countries. The platform aims to assist international brands in comprehending buying patterns in areas where conventional data sources are incomplete or antiquated. “Our goal is to provide real-time insights into consumer behavior in regions with outdated or fragmented data,” stated Rutakangwa, the CEO. International brands must predict changes in developing markets ahead of their rivals. Rwazi depends on a group of local users, referred to as “mappers,” who utilize mobile devices to provide updates on product availability, pricing, and brand preferences from shops in their neighborhoods. An AI-driven system validates the data, assisting businesses in analyzing trends, assessing brand effectiveness, and enhancing their market strategies. Prominent companies such as Coca-Cola, Nestlé, and Visa utilize the platform to track their in-store operations and streamline distribution. With the latest funding, Rwazi aims to broaden its engineering workforce, intensify data gathering in existing markets, and increase its footprint in the U.S. and Europe. The firm plans to expand its unique AI co-pilot, enabling clients to create insights and predictions instantly. “Rwazi addresses a significant challenge faced by businesses in developing markets,” remarked Brett Queener, a partner at Bonfire Ventures.
