Stears, a Pan-African data and intelligence company is changing its business model from B2C to B2B.
The company will now discontinue providing data solutions to consumers, a business model it started with since the company started in 2017.
Founded by Michael Famoroti, Bode Ogunlana, Abdul Abdulrahim, and Preston Ideh, Stears has been dedicated to correcting Africa’s lack of information and data-driven insights. Some of the company’s major projects include a COVID-19 case monitoring platform and Nigeria’s first real-time election database.
Stears will begin to focus on offering its data product to organisations with a license to access these new intelligence solutions, which include market sizing estimates, predictive forecasts, consumer indices, and extensive macroeconomic datasets.
According to Yvette Dimiri, a director at Stears, “This change was prompted by continuous customer research into their evolving needs. When we combine this feedback with our vision to establish a prominent presence in the African data ecosystem, this transition became imperative,”
This transition follows after Stears raised a $3.3m in October, 2022. A seed funding round led by MaC Venture Capital.
Stears was one of the 60 startups selected for the Google for Startups Black Founders Fund 2022 batch in September 2022 which included funding options that employ innovative financial instruments like revenue-based financing.
Stears’ release of inflation forecasts for Nigeria, South Africa, and Kenya, as well as the development of proprietary models reflects its expansion across Africa.
Stears currently boast a subscriber base that includes several reputable companies, such as the United Nations Development Programme, European Investment Bank, Infracredit, PZ Cussons, and Piggyvest.