rwazi Raises $12M Series A for Consumer Insights Platform

Rwazi Secures $12 Million to Revolutionize Consumer Insights

Joseph Rutakangwa dedicated eight years to searching for effective tools that would enable businesses to collect valuable consumer insight data. Ultimately, recognizing a gap in the market, he resolved to develop these tools himself.

His startup, Rwazi, has now successfully raised $12 million in a Series A funding round, spearheaded by Bonfire Ventures. This investment will be used to empower companies with enhanced market intelligence and a deeper understanding of consumer behavior. The company was co-founded in 2021 by Rutakangwa and Eric Sewankambo.

The Global Data Gap

“A significant disparity existed in the availability of consumer and market data. While regions like the U.S., U.K., and parts of Western Europe were well-served, many major international markets – including India, Brazil, Mexico, Japan, Turkey, and China – lacked reliable, actionable data,” Rutakangwa explained to TechCrunch. “A clear understanding of consumer consumption patterns, preferences, and behavioral changes was missing.”

Initial attempts to address this issue involved procuring statistics from government trade agencies. However, this data proved to be frequently outdated, incomplete, or even unavailable. Subsequent efforts to utilize consumer reports were hampered by concerns regarding accuracy and verifiability.

The Power of Zero-Party Data

“Traditional methods like surveys and panels proved insufficient. The solution lies in what we term ‘zero-party data’ – information voluntarily shared by consumers during their everyday activities, captured through sophisticated validation and verification processes, and accessible in real-time, regardless of location,” Rutakangwa stated.

Through their venture, the founders have created an AI-powered intelligence system. This system provides businesses with real-time visibility into their consumer markets, enabling them to forecast consumer behavior and pinpoint crucial areas for focus. This, in turn, can lead to reduced customer acquisition costs and increased customer loyalty.

Rwazi currently serves prominent consumer companies, including Coca-Cola, Pampers, Visa, and Nestlé, as highlighted on the company’s website.

Funding and Future Plans

The company had previously secured a $4 million seed round in 2022, also led by Bonfire Ventures.

Rutakangwa characterized the recent fundraising process as “selective,” emphasizing their focus on identifying investors who possessed a thorough understanding of the challenges they were addressing. Additional investors in this round include Santa Barbara Ventures, Newfund, and Alumni Ventures.

The newly acquired capital will be allocated to expanding the capabilities of their AI co-pilot, facilitating more precise real-time decision-making for clients. Furthermore, Rwazi intends to expand its engineering team. Currently, the platform gathers data from 190 countries, primarily serving customers in the U.S. and Europe.

The overarching objective, as Rutakangwa articulated, is to continue developing the infrastructure necessary to capture the constantly evolving landscape of consumer data.

Competitive Advantage

Rwazi faces competition from established consumer insights firms like GFK and Ipsos. However, Rutakangwa asserts that Rwazi distinguishes itself by avoiding reliance on modeled or inferred data. Instead, its proprietary infrastructure enables both insight generation and actionable execution – providing not only knowledge of what is happening, but also guidance on how to respond.

“Success in today’s market demands the ability to anticipate trends, identify emerging opportunities, and make decisive moves before competitors even recognize a shift,” he concluded.