Kenya's mSurvey has closed Series A round of $3,5 million. The startup has indicated that those will assist with its plans to expand into more Afrikan countries.
Earlier in 2018, mSurvey, which specializes in mobile phone based consumer feedback, launched in Nigeria after establishing itself in Kenya.
“Completing our Series A round allows us to tackle this difficult, yet enormous opportunity that exists in connecting African consumers with businesses to develop trust, and ensuring that millions more two-way conversations can take place each year. African consumers will be spending $2.1 trillion a year on consumer goods by 2025, a growth rate of at 4.5%. We see mSurvey as a strategic partner for thousands of companies who are part of this growth trajectory,” said Dr. Kenfield Griffiths, Co-Founder and CEO at mSurvey.
mSurvey's Series A funding round is being led by TLcom Capital, an Afrika focused venture capital firm.
It has a team with diverse backgrounds in fields such as investment, entrepreneurship, and government.
Additional investment also comes from Social Capital, Kapor Capital, Golden Palm, and Richard Owen; founding team of Net Promoter Score (NPS). This follows Seed Investment rounds from Cross Culture Ventures, Alpha Angels and Safaricom’s Spark Venture Fund.
“mSurvey is enabling the supply side of the vast underserved consumer markets in Africa to have a much better understanding of their customers. Large corporates and SMEs desperately need more data on the African consumer to serve a growing demand that is only reachable via the mobile platform. This is a unique business proposition with the potential of scaling quickly and transforming the way African consumers are finally understood and properly served,” said Andreata Muforo, Partner at TLcom Capital.
Muforo will also be joining the board of directors at mSurvey.
Speakingvto iAfrikan in an interview during March 2018, Griffiths explained that "mSurvey was started in response to the low levels of Internet penetration and the growing access to simple mobile phones." This, allows mSurvey to collect feedback from consumers who have even a basic mobile feature phone.