Nigeria’s Stears raises $600k from Omidyar Group’s Luminate, other investors

UPDATE (8 May 2020): We had it initially that Luminate led this round. However, A Luminate representative subsequently contacted Ventureburn to point out that the investor was merely a participant in the raise. We have corrected the headline to reflect this.

In addition, we had it that Luminate is part of Omidyar Network, when it was spun out of the company in 2018 and is now a separate company, under the Omidyar Group.

Nigerian financial news and data startup Stears has raised funding from Omidyar Group‘s Luminate and two other investors.

According to Nigerian tech publication Techpoint Africa in an article, the round came to $600 000.

Stears sources data and information from various sources and curates and publishes economic and financial analysis from professionals form Nigeria and the diaspora.

In an announcement on its website last week, Luminate said “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”.

Nigeria’s Stears sources data and information from various sources and curates and publishes economic and financial analysis

“We look forward to continuing to support the organisation in its mission and as it grows the Stears footprint in Nigeria,” said Luminate.

The startup was launched in 2017 by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana and Michael Famoroti (pictured above, with two employees) while they were students at the London School of Economics in the UK.

Luminate has previously funded the South Africa Media Innovation Programme and the Baraza Media Lab in Kenya.

Featured image (from left to right): Founders Abdul Abdulrahim and Preston Ideh, with two staff members and Michael Famoroti and Foluso Ogunlana (Facebook)