Category: Ghana

May 31, 2019 Off

Diving deep into Africa’s blossoming tech scene

By Jill T Frey

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.

When measured by monetary values, Africa’s tech ecosystem is tiny by Shenzen or Silicon Valley standards.

But when you look at volumes and year over year expansion in VC, startup formation, and tech hubs, it’s one of the fastest growing tech markets in the world. In 2017, the continent also saw the largest global increase in internet users—20 percent.

If you’re a VC or founder in London, Bangalore, or San Francisco, you’ll likely interact with some part of Africa’s tech landscape for the first time—or more—in the near future.

That’s why TechCrunch put together … Read the rest

May 22, 2019 Off

These startups are locating in SF and Africa to win in global fintech

By Jill T Frey

To become a global fintech player, locate your company in San Francisco and Africa.

That’s the approach of payments company Flutterwave, digital lending startup Mines, and mobile-money venture Chipper Cash—Africa-founded ventures that maintain headquarters in San Francisco and operations in Africa to tap the best of both worlds in VC, developers, clients, and the frontier of digital finance.

This arrangement wasn’t exactly coordinated across the ventures, but TechCrunch coverage picked up the trend and some common motives among these rising fintech firms.

Founded in 2016 by Nigerians Iyinoluwa Aboyeji and Olugbenga Agboola, Flutterwave has positioned itself as a global B2B payments solutions platform for companies in Africa to pay other companies on the continent and abroad.

Clients can tap its APIs and work with Flutterwave developers to customize payments applications. Existing customers include Uber,  Booking.com and African e-commerce unicorn Jumia.com.

The Y-Combinator backed company is headquartered in … Read the rest

May 17, 2019 Off

Zipline’s new $190 million funding means it’s the newest billion dollar contender in the game of drones

By Jill T Frey

With a valuation of over $1 billion and $190 million in new financing, Zipline has become the latest contender to be the leader in the game of drones.

The competition to be a leading vendor of delivery drone services is fierce, but Zipline has already built its billion-dollar business selling its hardware and services as a supplier of medical supplies across emerging markets. It may be among the most tested drone delivery services in the world.

Zipline said it will use the new funds to expand its medical supply delivery services across Africa, the Americas, South Asia, and Southeast Asia. The company said it aims to serve 700 million people with its drones within the next five years.

“There is a growing feeling around the world that technology is not benefitting the vast majority of people, said Zipline chief executive Keller Rinaudo in a statement. “The old conventional wisdom has … Read the rest

May 2, 2019 Off

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

By Jill T Frey

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 trading on the NYSE April 12, opening at $14.50 under ticker symbol JMIA. Jumia stock rose north of 70 percent on its first day of trading and started this week at $46.

With the public listing, Jumia became the first startup from Africa to list on a major global exchange. The IPO raised over $200 million for the internet venture.

The listing created another milestone for Jumia.  In 2016 the company became the first African startup unicorn, achieving a $1 billion valuation after a funding round that included Goldman Sachs and MTN.

Founded in Lagos in 2012 with Rocket Internet backing, Jumia now operates multiple online verticals in 14 African countries—from consumer retail to travel bookings.… Read the rest