The Nigerian media like many across the world is battling revenue sustainability challenges, while also coming to terms with and adapting to revolutionary innovations like data and digital products to stay in business.
Breaking the back of the revenue camel is one mission Dataphyte has given itself alongside its primary purpose of using data as a media tool for social re-engineering in Nigeria and the neighboring countries in Africa.
The media, research, and data analytics startup has just raised $100,000 in seed funding with Media Development Investment Fund (MDIF) to help the company carry forward its innovative work of using data to create digital products. Dataphyte is among the fresh set of successful investment portfolios of MDIF in West Africa.
MDIF invests in independent media around the world providing the news, information, and debate that people need to build free, thriving societies through affordable debt and equity financing, supported by tailored technical assistance and advisory services.
Launched in 2020, Dataphyte has led the park with data innovation, telling relatable stories and providing analysis and intelligence from otherwise intractable data. Dataphyte’s method has advanced the course of data and data journalism, reaching stakeholders from news/media producers to media consumers, who would otherwise not have engaged with data.
Though it launched in the wake of the Covid19 pandemic, Dataphyte in its two years has enjoyed successes that attest to the veracity of its method.
Dataphyte has built three thriving products while also supporting the media ecosystem with open data and capacity development. Asides from building the first data journalism niche platform, the company recently launched DATAPLEX, its enterprise data merchandise platforms and its training academy platform.
Also, the company supported Ekiti State government to develop an open data portal as its statement on partnership with governments to make socioeconomic and public finance data accessible.
The company recently signed a data access agreement with Statista, the leading global data company.
“We are delighted to have made our first investments in Dataphyte and Zitamar News, two highly impressive media companies that provide important services to the people of Nigeria and Mozambique,” said Bilal Randeree, MDIF’s Program Director for Africa & MENA.
Joshua Olufemi, the founder of Dataphyte has restated the company’s vision in light of the new development, “the purpose for us is to apply data to respond to three existential challenges in Nigeria and Africa as a whole. One, lead a successful business model mix for data journalism; two, offer data analytics and information services to the corporate and development sectors and lastly to support the government in its adoption of data and technology for public policy and good governance.”
Adenike Aloba, who recently joined the organization as the Managing Editor also commented that the organization holds great promise for Nigeria media. She further noted that the company looks towards Artificial Intelligence and Machine Learning to power its journalism and research and she bids other investors to partner with progress in Nigeria’s independent media industry.