Lengo AI, a Senegalese FMCG intelligence startup has secured a seven-figure pre-seed round of funding.
The new injection of investment funds will be used to expand Lengo AI’s tech and sales teams, further develop the AI portion of the product, and enter new African markets.
Lengo AI is the first data-driven operating system for informal retail in Africa. It provides intelligence and highly actionable insights to FMCG brands by collecting data from thousands of corner shops.
Its software-as-a-service (SaaS) platform uses a hybrid approach of field agents and AI to connect retailers and FMCG companies with real-time performance data on the sales of products.
These market data Lengo AI offers include data on market prices, competitors, market share, and target audience.
The startup’s pre-seed round was co-led by early-stage venture capital firm Acasia Ventures and Ventures Platform, and joined by P1 Ventures, Launch Africa, Voltron Capital, and a number of other VCs and angel investors.
“Lengo AI’s platform already provides near real-time market monitoring from a ground-level perspective for over 2,000 products. Now we are working on leveraging AI to connect at scale with the last node of the retail network: the corner shops,” Smith said. “We’re building a very low friction technology with retailers and actively recruiting for the best AI and software engineers. Thanks to the support from Acasia Ventures, we hope to gain expertise in Nigeria and Egypt, and accordingly, make the right connections in both countries to expand our product for shopkeepers and work with brands to stop guessing Africa.”
Lengo AI was founded last year by Max Smith, Roger Xavier Macia and Ismaila Seck. This funding will enhance the company’s efforts to deliver access to the largest database on consumer goods of one of the fastest growing consumer market in the World.