Nigerian media startup, Stears raises $600k seed to build Africa’s Bloomberg
Stears, a digital media and information startup known for providing access to high-quality information in Nigeria, has raised a seed investment of $600,000.
The seed round was led by a Nigerian-based fund with participation from Luminate, a philanthropic organisation which is a part of the Omidyar Group, and another unannounced local venture capital firm.
In 2017, Stears started out in the London School of Economics as a media publication focused on financial news in Nigeria.
Led by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana, and Michael Famoroti, the publication pivoted into the information services industry after observing the challenge of finding high-quality sources of information across Nigeria and realising the impact that an advertising-driven revenue model could have on editorial independence.