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Stears, a digital financial news & data startup raises $600k from Luminate

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Stears, a Nigerian financial news and data startup providing audiences and organisations with accurate, unbiased and digitised information on economic and business has raised $600,000 from Omidyar Network‘s Luminate to fuel growth in Africa’s biggest economy and most populous country.

Stears sources data and information from various sources locally and internationally and centralises them it into a knowledge base, then distributes it to its audience and customers. It also curates and publishes business news analysis and insights from professionals in banking, consulting, law, academia, government, and civil society, both in Nigeria and the diaspora.

The online-first startup was launched in 2017 by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana and Michael Famoroti while they were students at the London School of Economics in the UK.

“We’re pleased to announce our participation in Stears’ seed investment round alongside two other investors,” announced Luminate on its website. “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.”

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According to Luminate, which was recently spun from Omidyar Network to fund public interest journalism, “by prioritising quality, Stears is also contributing to rebuilding public trust in the media in Nigeria (and beyond), while simultaneously building up a cohort of talented young writers contributing to public dialogue.”

Luminate supports Independent Media and recently funded organisations like the South Africa Media Innovation Program and the Baraza Media Lab in Kenya to make room for a free and independent press.

“Smart and intentional data collection and use, commitment to the highest quality output, and an exceptional team driven by the mission to provide accessible and reliable information make Stears a clear leader. We look forward to continuing to support the organisation in its mission and as it grows the Stears footprint in Nigeria,” added Luminate.

Other platforms in the same space include AsokoInsight, NairaMetrics, KenyaWallStreet among others.


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