Rocket Internet

Revisiting Jumia’s JForce scandal and Citron’s short-sell claims

In advance of Jumia’s November financial reporting, it’s worth revisiting the company’s second-quarter results, the downside of which included some negative news beyond losses. The A

Kenya’s Twiga Foods eyes West Africa after $30M raise led by Goldman

Kenya’s Twiga Foods has raised a total of $30 million from lenders and investors led by Goldman Sachs. The B2B food distribution company financed $6.25 million of the funding in debt and $23.75

Africa e-tailer Jumia’s shares fall 4% day after IPO lockup expiration

Shares of Africa-focused e-commerce company Jumia dropped 4% the day after the lockup period expired for its April IPO on the New York Stock Exchange. The lockup provision prevents major shareholders

Africa Roundup: CcHub’s iHub acquisition, Andela’s $50M run rate and layoffs, Transsion’s IPO

Two of Africa’s powerhouse tech incubators joined forces in September. Nigerian innovation center and seed-fund CcHub acquired Nairobi based iHub. The purchase amount was undisclosed, but CcHub wil

DHL expands Africa eShop online retail app to 34 countries

DHL has expanded its DHL Africa eShop business to 13 additional markets, upping the presence of the global shipping company’s e-commerce platform to 34 African countries. DHL went live with the digi

Africa Roundup: Goldman backs Kobo360, Rwanda commits to EVs, Interswitch IPO update

Nigerian freight logistics startup Kobo360 raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks. The company — with

Urbvan raises $9 million for its private shuttle service in Mexico

As cities in emerging markets grapple with increasingly traffic-clogged and dangerous streets, Urbvan, a startup providing private, high-end transportation shuttles in Mexico, has raised $9 million in

Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs

Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks. The company — wit

Automotive marketplace Carro acquires Indonesia’s Jualo, extends Series B to $90M

Carro, an automotive marketplace and car financing startup based in Singapore, said it has raised $30 million to extend and close its $90 million Series B financing round, and acquired Indonesia-based

Why this Nigerian fintech startup is volunteering audited financials

Nigerian fintech firm Carbon — an early-stage financial services startup based in Lagos — has posted on its website financials audited by KPMG. This comes four months after the company obtained a

Opera founded startup OPay raises $50M for mobile finance in Nigeria

OPay, an Africa-focused mobile payments startup founded by Norwegian browser company Opera, has raised $50 million in funding. Lead investors include Sequoia China, IDG Capital and Source Code Capital

Laundrapp and Zipjet merge to form largest on-demand laundry service in UK, seal new funding

Two of Europe’s biggest on-demand laundry startups are merging today. Laundrapp from London and Zipjet from Berlin are confirming the completion of a previously-rumored merger through which the comb

Korean hotel platform Yanolja raises $180M at a valuation of over $1B

The travel tech industry has got another unicorn. Following the likes of Airbnb, OYO, Traveloka and Klook, Korea’s Yanolja said today it has closed a $180 million Series D round that takes it va

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 tha

Global Fashion Group plans to raise €300M in Frankfurt IPO

The ongoing evolution of the startup factory known as Rocket Internet continues apace. Today, the Global Fashion Group, which is made up of a number of regional e-commerce fashion commerce sites &#82

DHL brings Africa eShop to 20 countries in a competitive nod to Jumia

DHL is expanding its DHL Africa eShop business to 9 additional markets, upping the presence of the global shipping company’s e-commerce platform to 20 African countries. DHL went live with the d

A young entrepreneur is building the Amazon of Bangladesh

At just 26, Waiz Rahim is supposed to be involved in the family business, having returned home in 2016 with an engineering degree from the University of Southern California. Instead, the young entrepr

Food delivery startup Dahmakan eats up $5M for expansion in Southeast Asia

It’s harvest season for Southeast Asia’s full-stack food delivery startups. Following on from Singapore’s Grain raising $10 million, so Malaysia-based Dahmakan today announced a $5 m

Africa Roundup: Jumia’s IPO, DHL launches Africa e-Shop, Cathay’s $168M VC fund, ConnectMed acquired

The biggest news in a month of weighty African headlines was Jumia listing on the New York Stock Exchange. After filing SEC IPO docs in March, the Pan-African e-commerce company’s shares began tradi

Acquisitions, more than IPOs, will create Africa’s early startup successes

Africa has made its global IPO debut. Pan-African e-commerce company Jumia—a $1 billion-valued company—began trading live on the NYSE last week. The stock offering made Jumia the first upstart ope
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