Pan-African e-commerce company Jumia filed for an IPO on the New York Stock Exchange today per SEC documents and confirmation from CEO Sacha Poignonnec to TechCrunch. The valuation, share price, and timeline for public stock sales will be determined over the coming weeks for the Nigeria headquartered company. With a smooth filing process, Jumia will […]
View More African e-commerce startup Jumia files for IPO on NYSECategory: Online Retail
Nigeria’s Gloo.ng drops consumer e-commerce, pivots to e-procurement
Nigerian startup Gloo.ng is dropping consumer online retail and pivoting to B2B e-procurement with Gloopro as its new name. The Lagos based venture has called it quits on e-commerce grocery services, shifting to a product that supplies large and medium corporates with everything from desks to toilet paper. Gloopro’s new platform will generate revenues on […]
View More Nigeria’s Gloo.ng drops consumer e-commerce, pivots to e-procurementAfrica’s agtech wave gets $10 million richer as Twiga Foods raises more capital
Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor Nigerian data analytics company Terragon acquires Asian mobile ad firm Bizense Africa Roundup: Local VC funds surge, Naspers ramps up and fintech diversifies Kenya’s Twiga Foods has raised $10 million from […]
View More Africa’s agtech wave gets $10 million richer as Twiga Foods raises more capitalLolli launches to give you free Bitcoin while you shop
Bitcoin has had tremendous success as a cryptocurrency, with millions of people around the world having traded the currency through command lines and wallets like Coinbase. Yet, for all of the excitement in the space, BTC remains largely the province of technically-sophisticated finance and software junkies and their Uber drivers. How can everyone in the […]
View More Lolli launches to give you free Bitcoin while you shopStates will be able to charge sales tax on online purchases thanks to the Supreme Court
In a five-to-four decision issued today, the Supreme Court ruled that states can make online businesses collect sales taxes — even if they don’t have a physical presence in that state. Today’s ruling overturns a decision from the Court in 1992 that paved the way for the explosion of online retail in the United States. […]
View More States will be able to charge sales tax on online purchases thanks to the Supreme CourtThis Amazon competitor is betting young shoppers will love its fancy boxes
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One of Amazon’s biggest advantages is being the “everything store.” Shoppers can seemingly get anything they want with a few clicks, and for Prime members, there’s free and fast shipping.
But doing “everything” is definitely not the strategy for Boxed, an online retailer that’s focused on selling household items in bulk but doesn’t offer a membership like Amazon or Costco.
In 2017, the four-year-old company generated more than $100 million in revenue, and it expects to grow its sales by 250 percent this year. Going forward, Boxed’s focus includes reaching profitability, which its working toward in part by doubling down on its private label Prince & Spring, which isn’t mass-producing everything — at least not yet. Read more…
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Meet Lumi, the Los Angeles startup that just raised $9 million for a packaging business
Alongside co-founder and longtime partner Stephan Ango, Jesse Genet has built a business with Lumi that’s already been profitable, and has just raised $9 million in venture funding to boost its growth. Read More
Amazon lays off hundreds, pointing to Jeff Bezos’ focus on Alexa
Amazon sells clothes and other fun products, but in 2018, the tech giant is doubling down on technology.
The latest sign: Amazon plans to lay off hundreds of employees, primarily in the consumer retail side of the business, the Seattle Times re…