Jumia’s revenue and gross merchandise volume showed growth despite a decrease in quarterly active customers, according to its Q1 2024 report. Revenue increased by 19% year-over-year (57% in constant currency) to $48.9 million, while GMV surged by 5% year-over-year (39% in constant currency) to $181 million. The quarterly active customers of the African e-tailer, on […]
Jumia is back, growing total sales and orders in Q1 2024 Read More »
Two years after announcing plans, Amazon’s highly awaited e-commerce entry into sub-Saharan Africa has finally come to pass. On Tuesday, the tech giant launched its marketplace in South Africa. South Africa is the e-commerce giant’s first marketplace in the sub-Saharan region (it already has an operation out of Egypt following the acquisition of Souq in
Cards are gaining ground in Egypt, with over 30 million in circulation (prepaid cards, particularly, are seeing more use than debit and credit cards combined). This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks, attracting millions of Egyptian consumers who
Accel leads $4M investment in Egyptian corporate cards platform Swypex Read More »
The logistics industry in Nigeria, like any informal sector, struggles with poor infrastructure and other inefficiencies, making it difficult for businesses — both large and small — to move and store goods. Many startups have tackled middle-mile and last-mile delivery challenges, but one untapped area is providing an end-to-end fulfillment solution. Renda, a three-year-old startup,
Renda, which provides order fulfillment for businesses in Africa, takes in $1.9M Read More »
Productive Use of Renewable Energy (PURE) technologies, especially those in the solar irrigation and cold chain segment, saw increased investor interest last year, despite a 43% funding slump recorded in the global off-grid solar sector. The global association for the off-grid solar energy industry, GOGLA, says PURE technologies raised $65 million in 2023, double the
Kubik, a plastic upcycling startup, has raised a $1.9 million seed extension, months after announcing initial equity investment. The startup’s latest investment is from African Renaissance Partners, an East African venture capital firm; Endgame Capital, an investor with a bias for technologies around climate change; and King Philanthropies, a climate and extreme poverty investor. The
Kenyan B2B e-commerce company MarketForce is winding down its B2B e-commerce business that served informal merchants (mom-and-pop stores) after a turbulent two-year period that saw it scale down operations severely. The shutdown of the B2B e-commerce arm dubbed RejaReja comes months after MarketForce withdrew the service from all its markets, including Nigeria and Kenya, save
MarketForce winds down its B2B e-commerce arm Read More »
Amira Rasool founded The Folklore in 2018 to help fashion brands from emerging markets like Africa, Asia and The Caribbean tap into the international market. In 2022, the startup introduced The Folklore Connect, a B2B marketplace and wholesale management software for brands to sell to partner global retailers like Nordstrom, after it shifted from sourcing
B2B marketplace The Folklore bags $3.4M seed to get brands into global stores Read More »
