Startups

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 […]

ToLet.com.ng rebrands to PropertyPro.ng
Startups

ToLet.com.ng rebrands to PropertyPro.ng

After acquiring Jumia House, ToLet.com.ng, a property search and eCommerce site has now rebranded to PropertyPro.ng. It would be recalled that ToLet.com.ng now PropertyPro.ng had acquired Jumia House for an undisclosed amount after the latter’s parent company, Jumia had to divest from non-core eCommerce business. In an official statement issued […]

Publiseer gets admission into IdeaGist
Startups

Publiseer gets admission into IdeaGist

Publiseer has been admitted into Stage 1 of the IdeaGist virtual incubation program. IdeaGist is a program looking for early-stage startups that have the power to change the world. Founded in Minneapolis, Minnesota by Bir Ventures CEO Hassan Syed, Azeem Amir, Rahul Ranjan, Shahnawaz Khan and Vikas Gupta, IdeaGist is […]