A data visualization company known as 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 amount was raised in the company’s pre-seed round led by Velocity digital as well as other investors who took part in the pre-seed round of fundraising.
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.
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.
In addition to serving as a trusted source of economic and social data in Africa, Mustard Insights also 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.
According to a private interview with Lawretta Egba, the company believes in data democratization and is therefore confident that Mustard Insights will be critical in providing access to quality primary and secondary data for Africans and those in the diaspora with an interest in Africa.
While the startup plans to launch its platform in March, it currently provides subscribers with detailed insights via its weekly Newsletter and social media accounts.
Because of social media, mobile money, the internet, and smartphones, Africa is producing more data than ever before. As a result, the possibilities for leveraging and increasingly tracking this data for the continuous advancement of the African continent are enormous.