In a world where understanding consumer behavior is crucial for business success, one entrepreneur took matters into his own hands. After years of searching for effective tools to gather consumer insights, Joseph Rutakanga decided to create a solution himself.
His venture, which has now secured a $12 million Series A funding round led by a prominent investment firm, aims to revolutionize how companies access market intelligence and consumer insights. Founded in 2021 alongside co-founder Eric Sewankambo, this startup is poised to make a significant impact in the industry.
“While there is a wealth of consumer data available for markets like the U.S. and parts of Europe, many international markets, including major economies such as India, Brazil, and China, lack reliable data,” Rutakanga explained. “This gap leaves businesses in the dark about consumer preferences and behavioral trends.”
Initially, Rutakanga considered acquiring statistics from government sources, but he quickly discovered that such data was often outdated or incomplete. Attempts to purchase consumer reports yielded similar frustrations, as they were frequently inaccurate or unverifiable.
“We realized that traditional methods like surveys and panels were not the answer. Instead, we focused on what we now refer to as zero-party data—information that consumers willingly share about their preferences and habits, captured in real-time through advanced validation systems,” Rutakanga stated.
The startup has developed an AI-driven intelligence platform that provides businesses with real-time insights into their consumer markets. This innovative tool not only predicts consumer behavior but also highlights critical areas for businesses to focus on, ultimately reducing customer acquisition costs and enhancing loyalty. Notable clients include leading consumer brands across various sectors.
Previously, the company raised $4 million in seed funding in 2022, also led by the same investment firm.
During the recent fundraising process, Rutakanga described their approach as “selective,” emphasizing the importance of partnering with investors who truly understand the challenges at hand. Additional investors in this round include several venture capital firms.
The newly acquired funds will be utilized to enhance their AI capabilities, enabling clients to make more informed decisions in real-time. The company currently aggregates data from 190 countries, with a strong customer base in the U.S. and Europe. Rutakanga envisions building a robust infrastructure that adapts to the ever-changing landscape of consumer data.
While facing competition from established consumer insights firms, Rutakanga believes his startup stands out by not relying on modeled data. Instead, their unique infrastructure provides actionable insights, allowing businesses to anticipate market shifts and respond proactively.
“In today’s fast-paced environment, success hinges on the ability to foresee changes and act decisively before competitors even recognize the shift,” he concluded.