Nigerian online media company, Stears, has said it raised $600,000 seed funding to grow its media and information products.
According to the company the funding came from two undisclosed individual investors in Nigeria and Luminate which also participated.
Luminate,which is a philanthropic organization owned by Omidyar Group, released a statement Wednesday disclosing the landmark the deal.
The statement said the investment was
in line with Luminate’s mandate to identify funding opportunities for supporters of free media in West Africa. Part of the statement said:
“We’re pleased to announce our participation in Stears’ seed investment round alongside two other investors.
“Stears has already demonstrated its value in providing accurate news and analysis that enables policymakers, investors, civil society, international development institutions, and Nigerians both in and outside the country to make informed business, economic, and political decisions, and to actively participate in public life.”
The statement added that in view of the COVID-19 pandemic, it had become even more expedient to support businesses that provide evidence-based information for the Nigerian audience.
Meanwhile, Luminate disclosed that it was looking forward to partnering with Stears.
While reacting to the deal, the management of Stears said the funding is expected to facilitate the company’s work. In other words, the funding will support Stears’ data journalism endeavours. The company plans to recruit more to expand its team whilst rolling out improved media and information products.
Recall Stears was founded in 2017 by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana, and Michael Famoroti, four Nigerian students who were then studying in the UK.
According to the co-founders, the vision was to provide a real-time and reliable database for Nigerians to access quality information