Startups

Only 20% Startups Survive in Nigeria
Startups

Only 20% Startups Survive in Nigeria

Startups have been successful at bridging the employment gap and contributing to GDP of many nations. But not all startups are able to succeed and establish themselves as a competent business entity and most of them fail within years of incorporation. For instance, while you see there are many online […]

OLX merges with Argentina’s Properati
Startups Tech

OLX merges with Argentina’s Properati

Naspers’ OLX is still taking bullish moves in some markets. OLX has just announced that it is merging with Properati, a rival classifieds marketplace focusing on real estate in Argentina. OLX said it has entered into an agreement to join forces with Properati in Latin America. The deal, expected to […]

Losses of Jumia rose to N12.5 billion in Q1
All Startups

Losses of Jumia rose to N12.5 billion in Q1

Nigeria’s largest eCommerce company by business value and coverage, Jumia said its losses further widened in the first quarter of 2018. For the first quarter of the year, Jumia’s negative adjusted earnings before interest, tax, depreciation and ammortisation (gross losses) rose to EUR30.7 million which is approximately N12.5 billion on […]

Lidya raises USD6.9 million in a Series A Round
Startups

Lidya raises USD6.9 million in a Series A Round

Lidya, the digital financial services platform focused on improving access to credit for micro-, small-, and medium-sized enterprises (MSMEs) in Africa, confirmed that it has raised USD6.9 million in a Series A investment round. The funding was led by Omidyar Network, the Silicon Valley impact investment firm established by Pierre […]

Publiseer posts $10K as first profit
Startups

Publiseer posts $10K as first profit

Nigeria’s digital content publisher, Publiseer has reported its first profit. The startup said in a statement it made a first-quarter profit of $10,877.58. The company said it has launched its ‘Premium Distribution Service’ that will distribute books and songs for an upfront fee, allowing its authors and musical artists to […]

Rocket Internet buys back 10 million shares
Startups Tech

Rocket Internet buys back 10 million shares

Owners of Jumia, Rocket Internet said it has successfully bought back a total of 10,765,906 of its own shares between August 14, 2017 and May 9, 2018. Rocket said in the disclosure that it acquired 1,041,167 of these shares through a public share buy-back program and another 9,724,739 shares through […]