Category Archives: Ghana

Africa Roundup: Jumia’s post-IPO earnings, Gokada’s $5.3M raise, Facebook’s fake-news purge, Joe Montana’s fintech investment

Jumia held its first post-IPO earnings call and weathered a short-sell assault in May, with Wall Street showing confidence in the Pan-African e-commerce company. On the numbers, key takeaways were that Jumia’s Gross Merchandise Value (GMV) — the total amount of goods sold over the period — grew by 58% to €240 million. Marketplace revenue grew 102% to €16 million, and gross profits as a percentage of GMV grew by 6.5% in Q1 2019. Overall, Jumia’s operating losses for the period widened to €45.4 million from €34.3, […]

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Diving deep into Africa’s blossoming tech scene

Jumia may be the first startup you’ve heard of from Africa. But the e-commerce venture that recently listed on the NYSE is definitely not the first or last word in African tech. The continent has an expansive digital innovation scene, the components of which are intersecting rapidly across Africa’s 54 countries and 1.2 billion people. When measured by monetary values, Africa’s tech ecosystem is tiny by Shenzen or Silicon Valley standards. But when you look at volumes and year over year expansion in VC, startup formation, and […]

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These startups are locating in SF and Africa to win in global fintech

To become a global fintech player, locate your company in San Francisco and Africa. That’s the approach of payments company Flutterwave, digital lending startup Mines, and mobile-money venture Chipper Cash—Africa-founded ventures that maintain headquarters in San Francisco and operations in Africa to tap the best of both worlds in VC, developers, clients, and the frontier of digital finance. This arrangement wasn’t exactly coordinated across the ventures, but TechCrunch coverage picked up the trend and some common motives among these rising fintech firms. Founded in 2016 by Nigerians […]

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WorldCover raises $6M round for emerging markets’ climate insurance

WorldCover, a New York and Africa-based climate insurance provider to smallholder farmers, has raised a $6 million Series A round led by MS&AD Ventures. Y Combinator, Western Technology Investment and EchoVC also participated in the round. WorldCover’s platform uses satellite imagery, on-ground sensors, mobile phones and data analytics to create insurance options for farmers whose crop yields are affected adversely by weather events — primarily lack of rain. The startup currently operates in Ghana, Uganda and Kenya . With the new funding, WorldCover aims to expand its […]

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African e-commerce startup Jumia’s shares open at $14.50 in NYSE IPO

Pan-African e-commerce company Jumia listed on the New York Stock Exchange today, with shares beginning trading at $14.50 under ticker symbol JMIA. This comes four weeks after CEO Sacha Poignonnec confirmed the IPO to TechCrunch and Jumia filed SEC documents. With the public offering, Jumia becomes the first startup from Africa to list on a major global exchange. In an updated SEC filing, Jumia indicated it is offering 13,500,000 ADR shares for an opening price spread of $13 to $16 per share, representing 17.6 percent of all company shares. […]

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Africa Roundup: Jumia files for IPO, OneFi acquires Amplify, FlexClub expands in Mexico

Less than a decade ago IPOs, acquisitions and global expansion by African startups were more possibility than reality. March saw all three from the continent’s tech scene. Pan-African e-commerce company Jumia filed for an IPO on the New York Stock Exchange, per SEC documents and confirmation from chief executive Sacha Poignonnec. In an updated filing, (since the March 12 original) Jumia indicated it will offer 13,500,000 ADR shares, for an offering price of $13 to $16 per share to trade under the ticker symbol “JMIA.” The IPO […]

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African e-commerce startup Jumia files for IPO on NYSE

Pan-African e-commerce company Jumia filed for an IPO on the New York Stock Exchange today, per SEC documents and confirmation from CEO Sacha Poignonnec to TechCrunch. The valuation, share price and timeline for public stock sales will be determined over the coming weeks for the Nigeria-headquartered company. With a smooth filing process, Jumia will become the first African tech startup to list on a major global exchange. Poignonnec would not pinpoint a date for the actual IPO, but noted the minimum SEC timeline for beginning sales activities […]

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Meet the startups in the latest Alchemist class

Alchemist is the Valley’s premiere enterprise accelerator and every season they feature a group of promising startups. They are also trying something new this year: they’re putting a reserve button next to each company, allowing angels to express their interest in investing immediately. It’s a clever addition to the demo day model. You can watch the live stream at 3pm PST here. Videoflow – Videoflow allows broadcasters to personalize live TV. The founding team is a duo of brothers — one from the creative side of TV […]

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