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 […]

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. […]

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 […]

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, […]

Dakar Network Angels begins startup investments in francophone Africa

The Dakar Network Angels group launched this month, making its first investment in francophone Africa to cleantech venture Coliba. The Ivorian startup — which uses a mobile app to coordinate waste recycling — will receive mentorship and a minimum of $25,000 in seed funds. The deal is part of Dakar Network Angels’ mission of convening […]

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 […]

Nigeria’s Gloo.ng drops consumer e-commerce, pivots to e-procurement

Nigerian startup Gloo.ng is dropping consumer online retail and pivoting to B2B e-procurement with Gloopro as its new name. The Lagos-based venture has called it quits on e-commerce grocery services, shifting to a product that supplies large and medium corporates with everything from desks to toilet paper. Gloopro’s new platform will generate revenues on a […]

A look back at the year that the Sub-Saharan African startup scene found its stride

Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor: African tech in 2017 was about the normalization of market events mostly absent even a decade ago. There were acquisitions, multiple investment rounds, lots of expansion, big strategic partnerships […]