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Boutique African Data Collection Agency ‘Bamba’ Raises $1.1m in 1st Seed Round

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African data collection startup Bamba has announced today that it has closed its first seed investment round after raising US$1.1 million in investment funds, making it one of the largest and most successful seed rounds completed by an East African startup.

At closing, Bamba is proud to have a global investor base that spans Silicon Valley, New York, Washington DC, Austin, London and many regions throughout Africa.

Bamba is a boutique data collection agency that specializes in innovative solutions for rapidly gathering cost-effective and high-quality consumer insights from emerging markets that can be otherwise challenging to reach. One such solution is Bamba’s unique tool that allows the building of highly targeted and responsive panels for data collection.

Clients hail from a diverse array of sectors, including market research consulting, private equity, agriculture, education, health, finance, government agencies, NGOs and private companies.

The versatility and effectiveness of Bamba’s offerings have resulted in numerous high-profile clients, such as Kantar, the Aga Khan Foundation, and IPSOS.

“Bamba has made it possible to deliver panel-based projects a lot faster by providing access to highly targeted respondents,” said Arnold Nyakundi of IPSOS Kenya.

With humble beginnings in Nairobi, the company started with just its 3 co-founders, Al Ismaili, CEO, Shehzad Tejani, COO and Faiz Hirani, CTO and had a core workforce of 7 full-time employees in 2015.

“Since then, we’ve further expanded to employ 21 full-time staff, along with numerous other field consultants around the world. It’s incredible; we’ve established a global reach, spanning Canada, US, UK, Uganda, Tanzania, South Africa and Nigeria. This is in large part thanks to ongoing support from our investors,” said Al Ismaili, co-founder and CEO.

Bamba’s success in attracting investors was the result of a number of factors that created a perfect storm. First, in the past several years, consumers in emerging markets have become more engaged and connected through widespread adoption of smartphone or feature phone technology, presenting the opportunity to finally tap into the wants, needs and opinions of these consumers for companies agile and innovative enough to build the right tools.

Second, investors have become increasingly interested in opportunities to invest in the African market in recent years, and accelerator programs have stepped up by accepting greater numbers of African startups into their mentorship programs.

Finally, Bamba was itself accepted into the prestigious TechStars accelerator program in 2016, where they gained access to a well-established network that provided them with business development mentorship, customer acquisition, capital, talent recruitment, as well as a sizable initial financial investment as part of the accelerator program.

Rishi Varma, founder & CEO of AlphaDetail which was acquired by QuntilesIMS (formerly IMS Health), was introduced to Bamba during their time at Techstars.

Rishi was based in San Francisco where he built the largest market research firm focused on primary research in the pharma/biotech industry in the US and was so impressed by the Bamba team that he became one of their initial investors.

“Since the first day I met the founders of Bamba, I knew they had a special team and product to tackle a challenging but large market opportunity. I had no reservations in backing them financially and as an advisor. Having built a highly successful market research practice myself, I can clearly see the Bamba team has what it takes to do the same,” he said about his investment decision.

Bamba’s cutting-edge data collection software also attracted some attention from within Africa. In November 2016, Bamba was invited to participate in Lions’ Den, the Kenyan equivalent to popular TV programs Dragons’ Den and Shark Tank, where Bamba pitched to the show’s panel of 5 venture capitalists (also known as Lions). They successfully won over Darshan Chandaria, CEO and director of the Chandaria Industries Group, who invested US$250,000 (Kes. 25 million) to be used to expand Bamba’s operations throughout Africa.

Other investors have been attracted to Bamba’s unique combination of positive social impact and real functional value; “We are very proud to be investors in Bamba,” says Brett Hurt, founder of BazaarVoice and Data. world. “Not only are [they] providing a very valuable analytics service, but they are also providing jobs in countries that really need them. This is one of those rare businesses that has a combination of a massive market opportunity and a real social impact. Their focus just couldn’t be better.”

Having achieved its investment goal for the first seed round, Bamba now looks to the future with plans to put the US$1.1 million towards developing new innovative data collection solutions, supporting a larger number of clients, and expanding its team and geographical reach. Of course, this will all be done while continuing to lend a voice to people in emerging markets so that they can play a bigger role in shaping their world.

 


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Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

 


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Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

 

 

 

 


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SOPHiA GENETICS Announces Syndicate Bio as First Liquid Biopsy Customer in Africa

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SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.

Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.

The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.

There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.

This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.

“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.

“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.

“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”

Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.

By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.

Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.

MSK-ACCESS® powered with SOPHiA DDM™  is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.

The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.

The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.

“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.

“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”

In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.


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