Mobile-first customer feedback platform mSurvey has announced a Series A funding round of USD$3.5 to fund expansion into Nigeria and South Africa.
Founded in 2012 with backing from Kenyan telecoms operator Safaricom mSurvey is based in Nairobi and recently launched an office in Lagos. It gathers opinions via mobile SMS conversations with its Voice of the Customer and Consumer Wallet products, as well as through its successful launch of Net Promoter Score (NPS) in Africa.
Lack of readily available consumer data is hindering businesses on the continent, potentially locking them out of opportunities offered by a consumer base projected to spend USD 2.1 trillion a year by 2025. In 2017 it conducted over 12 million interactions on the continent and works with businesses such as Safaricom, Airtel and coffee chain Java House. With over 66% of Africa’s economic activity takes place in the informal sector, making it challenging for any business to understand who their customer really is, and hindering the analysis of feedback.
Through partnerships with leading mobile network operators such as Kenya’s Safaricom, mSurvey is able to comprehensively map a customer’s journey through every single touchpoint, allowing businesses to identify any weak spots that exist within their product or service delivery, directly from the source; the customer.
The company’s new funding round this month was led by Africa focused venture firm TLcom Capital, with investment from Social Capital, Kapor Capital, and Golden Palm and followed seed investment rounds from Cross Culture Ventures, Alpha Angels, and Safaricom’s Spark Venture Fund.