Jumia to cut products and overheads as new management chase profits • ZebethMedia

Last Monday, Jumia co-founders Sacha Poignonnec and Jeremy Hodara resigned from their roles as co-CEOs, just ten days before the company’s third-quarter 2022 financial report. The end of their tenure, therefore, marked the first time a new face — Francis Dufay, the ex-chief at Jumia Ivory Coast and now acting CEO of Jumia — took […]

IFC launches $225M platform to back early-stage startups in Africa, Asia, Middle East • ZebethMedia

The International Finance Corporation (IFC) has today launched a $225 million platform to back early-stage startups in Africa, Middle East, Central Asia, and Pakistan. The IFC, a member of the World Bank, will through the platform make equity and “equity-like” investments in tech startups to “grow them into scalable ventures that can attract mainstream equity […]

Modus expands to sub-Saharan Africa with the launch of its AI and blockchain-focused $75M fund • ZebethMedia

New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa, ZebethMedia has learned. The fund is expected to reach a final close in the first quarter of next year. The spinoff continues Modus’s string of moves over the past 18 months, which has seen […]

Jeremy Hodara and Sacha Poignonnec step down as Jumia co-CEOs • ZebethMedia

African e-commerce giant Jumia has made a new change in management as co-founders Jeremy Hodara and Sacha Poignonnec step down effective today as co-CEOs, according to a statement seen by ZebethMedia. The two founders, who share the chief executive role, have been at the helm of Africa’s only publicly traded company for over a decade, […]

54gene valuation slashed by over $100M amid job cuts and CEO exit • ZebethMedia

It’s been a strange couple of months at African genomics startup 54gene. In August, it sacked 95 employees, mostly contract staff (in labs and sales departments) hired to work in 54gene’s COVID business line launched in 2020. In September, co-founder and VP of Engineering Ogochukwu Francis Osifo left the company. And this week, founder and […]

54gene CEO steps down as the company looks to cut more jobs • ZebethMedia

54gene co-founder and chief executive officer Dr. Abasi Ene-Obong has stepped down from his executive role, the African genomics company confirmed to ZebethMedia today. The three-year-old company has appointed General Counsel Teresia L. Bost as interim CEO. She will be supported by Chief Operating Officer Delali Attipoe, the company said. Ene-Obong, on the other hand, […]

Global VC Flourish launches Madica, an Africa-focused program to back pre-seed stage startups • ZebethMedia

Access to funding and lack of support systems are some of the greatest challenges faced by startup founders in sub-Saharan Africa. And while venture capital and founder support programs within the continent are growing, a lot still remains to be done to meet the financing, technology and social capital needs of the especially marginalized groups […]

Africa’s tech talent accelerators attract students, VC funding as Big Tech comes calling • ZebethMedia

Tech giants are increasingly looking for tech talent in Africa, where the number of developers reached 716,000 last year, up 3.8% from 2020, according to Google. In the last six months, Microsoft and Amazon have been on a recruitment drive that came along with enticing offers including relocation to their hubs in the U.S. and […]

Seven scaleups hog over 70% funding to Africa’s Solar PayGo ventures • ZebethMedia

Over the last 10 years startups in Africa’s off-grid solar sector have attracted over $2.3 billion funding. However, the largest share of the financing has gone to just seven pay-as-you-go (PayGo) Africa-based scaleups, leaving hundreds others in the early-stage struggling to fundraise, according to the biennial Gogla-World Bank report. The seven most funded solar startups […]

Nigerian retail automation platform Bumpa raises $4M, led by Base10 Partners • ZebethMedia

Millions of small and medium businesses still operate inefficiently due to dependency on manual processes, which limits their capacity to grow and scale; this is despite contributing to about 48% of Nigeria’s GDP in the last five years, But the tide is turning. Over the last couple of months, we’ve seen a wave of upstarts […]

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