At Bonfire Ventures, our investment philosophy centers on identifying exceptional teams building category defining software companies. We lead seed rounds, which fits our high-touch, supportive model and aligns our incentives with our early-stage founders. While we frequently provide follow–on capital, we do not often lead the Series A. However, sometimes, a team and their vision are so compelling that they change our own investment norms. Rwazi is one such company, and we are thrilled to announce that Bonfire has led their $12 million Series A, after having the privilege of backing their Seed. This allowed us to double down on a team, business, and product that we believe in deeply. Joseph Rutakangwa is the kind of founder you dream of partnering with and cannot help but root for, leading a world-class team that shares his drive and vision.

Our First Encounter: Recognizing Untapped Potential

Bonfire’s journey with Rwazi began in April 2022, when I first met co-founders Joseph Rutakangwa and Eric Sewankambo at a Techstars LA event, the team having just arrived from Mauritius. Immediately, their mission of providing ultra-refined data resonated with me. Having spent considerable time in developing countries, including a Haas business school project in Kenya, I had an understanding of the complexities of data collection in developing regions. Joseph and Eric were tackling a fundamental problem for brands, the opacity of consumer behavior in markets where traditional data infrastructure simply doesn't exist.

Despite their early stage and lack of a technical cofounder, their traction was undeniable. After our initial meeting, we reconnected in August 2022. In just four months since meeting, their revenue had essentially doubled. What was even more impressive was that their ACV was at a minimum of $10,000 per month for their enterprise clients and already included an array of impressive logos. Furthermore, Joseph and Eric were infectious as founders; their ambition and vision were so captivating that we couldn't help but "drink the Kool-Aid" ourselves. By the time we officially closed their seed round six weeks later their closing ARR had skyrocketed up another 50%. Their rapid, consistent growth was a clear signal of customer need and product demand.

Building the Core: From Vision to Product Powerhouse

One of our immediate priorities post-seed investment was to help Rwazi secure a technical leader. This led to a pivotal moment, the hiring of Dimitry as their CTO. Dimitry came to Joseph inbound, a testament to Joseph's compelling storytelling and the brand he was already building. We were able to help support Rwazi in this process, conducting final round interviews and helping Joseph craft a competitive compensation package that balanced the current state of the business with its future potential. Since his hiring, Dimitry has been incredible. He took what was essentially a collection of Google Sheets and Data Studio tools, strung together by Joseph, and within just three months transformed it into a fully-fledged platform with a mobile app for their data collectors, coined “mappers”. This was a massive undertaking for a two-sided product of such complexity. Dimitry was also remarkably ahead of the curve, integrating computer vision, machine learning, and generative AI into the product long before these became mainstream buzzwords. With the addition of product manager Ashton, who is seemingly always in sync with Dimitry's vision, Rwazi now boasts a product and engineering team that is world-class.

This product evolution has been a significant unlock for the company. It allowed Rwazi to onboard a larger network of mappers, handle vastly more data,  and, critically, bring on even more substantial enterprise customers.

Unprecedented Traction: Metrics so Good that they Proved Hard to Believe

Rwazi's unique value lies in providing granular, current, zero-party data from geographies where it's otherwise impossible to obtain. Unlike broader macro-level reports from traditional players like Nielsen or Ipsos, Rwazi delivers "micro" insights. For example, a brand could discover that in a specific Tanzanian village, a local stand not listed on Google Maps sells only expired versions of their soda. This occurs even though consumers have the spending power and desire for their product. Rwazi allows brands to make hyper-localized decisions on product availability, pricing, and distribution. While Rwazi started by focusing on emerging markets, their expanded capabilities mean they are now revolutionizing how sales and marketing teams operate globally. 

And their metrics support a rapid growth story. Since our initial investment, Rwazi has continued to onboard a growing list of multinational corporations, including Unilever, Red Bull, Coca-Cola, Pampers, Visa, and Nestlé. The company has had zero churn and their Net Revenue Retention (NRR) is nearing 150%, a figure virtually unheard of in B2B software, especially for a company at this stage. This extraordinary NRR speaks volumes about the value proposition Rwazi is able to deliver, demonstrating that once customers engage with Rwazi, they consistently expand their usage. To illustrate their growth efficiency, since our seed investment the company has grown over 20x with no additional paid-in capital. This level of growth was so impressive that some external investors did not believe them.

Doubling Down: A Clear Decision & The Future with Sena

Given Rwazi's phenomenal performance, doubling down in their Series A was a clear decision for Bonfire Ventures, even though we typically don't lead Series A rounds. Joseph was in an enviable position going into this round. He had ample cash in the bank and was being highly selective about his next partner. Our deep, transparent working relationship with Joseph, coupled with our intimate knowledge of their internal metrics gave us unwavering conviction in him. We saw "how the sausage was made" and recognized an exceptional opportunity to reinforce our alignment with a company we believe is poised for massive success.

A pivotal moment for the company is marked by the introduction of Sena—a new AI copilot designed for the Fortune 500 that compresses the path from insight to execution. This innovative engine will be the next stage of growth, transforming Rwazi from merely an insights provider into a comprehensive workflow management tool.

We are incredibly proud to continue partnering with Joseph, Eric, Dimitry, and the entire Rwazi team as they redefine global market intelligence, equipping businesses to adapt quickly, make informed decisions, and achieve unprecedented growth with confidence.

To learn more about Rwazi and how they are transforming market intelligence, visit their official website.