mSurvey Secures Proparco Investment
mSurvey, Africa’s Integrated Customer Experience company connecting businesses to their customers in real-time, announces follow-on investment by private sector financing institution Proparco. This follows mSurvey’s Series A investment led by Africa focused venture firm TLcom Capital with investment from Social Capital, Kapor Capital, Golden Palm, and Richard Owen co-creator of globally recognised customer loyalty metric, the Net Promoter Score (NPS). This follows Seed Investment rounds from Cross Culture Ventures, Alpha Angels and Safaricom’s Spark Venture Fund. The funds are enabling mSurvey to continue building its infrastructure and partnerships as well as scaling and expanding into more African countries.
Operating from their headquarters in Nairobi, Kenya and an office in Lagos, Nigeria, mSurvey has enabled Africa’s leading brands to improve their customer experience and increase operational efficiency with strategic information on their customer brand journey. mSurvey has done this by providing businesses with access to real-time customer feedback, pushing business growth in the region with over 2.5 million engagements between businesses and consumers in the past year alone. Some notable leading brands that have worked with mSurvey include Safaricom, Commercial Bank of Africa, Kenya Commercial Bank, Sanlam Insurance as well as US-based companies and institutions including Harvard, Emory and CNN.
Over 66% of Africa’s economic activity takes place in the informal sector making it difficult for businesses to truly understand who their customers truly are and how they feel about their customer experience. mSurvey is increasing businesses’ understanding of consumers across various industries in Africa, the world’s youngest, fastest growing and most dynamic emerging markets. Through partnerships with leading mobile network operators such as Kenya’s Safaricom, mSurvey is able to comprehensively understand the 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.
Commenting on today’s announcement, Dr. Kenfield Griffith, mSurvey co-founder and CEO says, “Proparco having invested in the private sector within Africa over 30 years, has seen the true potential and impact business growth can have on the continent and African consumers within. The investment speaks volumes to businesses in our markets, of the importance to invest in customer experience as a pillar within your organization to be globally competitive brands.”
“Proparco’s investment rationale relies on the quality of the team leading mSurvey and the solution that the company has developed to tackle customer feedback needs in African countries. Proparco’s investment in mSurvey, in line with its mandate to support innovation and entrepreneurship across the African continent, will help mSurvey scale its customer feedback solution to new regions in Africa and therefore provide businesses with a much needed customer-centric solution tailored to the African market.” Said Eric Zontsop , Investment Officer at Proparco.
Operating in Africa, Asia, Latin America and the Middle East, Proparco has helped finance and support various financial institutions and corporate private sector projects with a focus on sustainable economic, social and environmental development for the past 40 years. With a balance sheet of 5.4 Billion Euros, Proparco has a diverse investment portfolio in 80 countries in various industries with a background in banking, financial services, microfinance institutions, innovative startups just to name a few industries. They have also invested in funds such as TLcom, ECP, Novastar Ventures and Partech.