A Kenyan consumer research firm, mSurvey, which conducts its studies over mobile phone, has raised $3.5 million (Sh350 million) in equity from a group of venture capital firms to fund its African expansion programme.
The series A funding round was led by Africa-focused venture firm TLcom Capital with investment from Social Capital, Kapor Capital and Golden Palm.
But it did not disclose the stake the investors are taking.
This follows seed investment rounds from Cross Culture Ventures, Alpha Angels and Safaricom’s #ticker:SCOM Spark Venture Fund.
mSurvey was founded in 2012 with backing from Safaricom and collects consumer feedback for various firms.
The co-founder of mSurvey, who is also the chief executive Kenfield Griffith, on Thursday said it has brought increased visibility and understanding of the African consumer, who will be spending $2.1 trillion a year on consumer goods by 2025, a growth of 4.5 per cent.
“Today’s investment will allow the company to grow into new markets, including Nigeria and South Africa,” said Mr Griffith in a statement.
Early this month, mSurvey released a report dubbed “NPS Industry Benchmark-Kenya for quarter one 2018,” which measured consumer loyalty across seven industries, including energy, telcos, digital TV providers and banking.