Technology

Another Nigerian Startup Raises $600,000 in Seed Funding

Published

5 years ago

April 29, 2020

Another Nigerian Startup Raises $600,000 in Seed Funding

Stears, a Nigerian media startup, raised $600,000 in seed funding this month, according to a statement issued by the company.

The amount was raised from undisclosed Nigerian investors with participation from Luminate, a philanthropic organisation established by the Omidyar Group.

According to Stear, the new funding will help expand its team, data collection and build other media and information products.

Founded in 2017 by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana and Michael Famoroti the company is gradually growing as an important data and information focused publication in Nigeria.

“We believe that the problem we are built, designed and exist to solve is the information gap,” Preston Ideh, CEO of Stears, stated. “Our mission regardless of the product or platform is always to make it easy for anyone to access high-quality information on Nigeria.”

Speaking on its investment in Stears, Luminate said: “We’re pleased to announce our participation in Stears’ seed investment round alongside two other investors.

“Stears has already demonstrated its value in providing accurate news and analysis that enables policymakers, investors, civil society, international development institutions, and Nigerians both in and outside the country to make informed business, economic, and political decisions, and to actively participate in public life.”