Almost two weeks ago, TechCrunch reported that African e-commerce giant Jumia was planning to sell 20 million American depositary shares (ADSs) and raise more than $100 million, given its share price of around $5.70 at the time.
The e-tailer has now completed the at-the-market transaction offering of 20,227,736 ADSs. Jumia sold the shares at an average price of $4.92 per ADS, generating aggregate gross proceeds before commissions and offering expenses of $99.6 million. TechCrunch reported that Jumia would likely sell at that price.
Jumia CEO Francis Dufay said in a statement that the capital will “further strengthen our balance sheet and help us accelerate our growth trajectory as we progress along our path to profitability.”
Jumia’s cash position currently stands at $92.8 million (comprising $45.1 million in cash and cash equivalents and $47.7 million in term deposits and other financial assets) from its Q2 2024, its most recent financial report. That’s compared to the platform’s liquidity position of $120.6 million in Q4 2023 and $101.5 million in Q1 2024.
Jumia finished the second quarter of the year with 2 million active quarterly customers, representing a 6.0% quarter-over-quarter increase compared to Q1 2024 and flat year-over-year growth between Q2 2023 and Q2 2024. “Our customer base is still relatively small, around two million active consumers per quarter, while we work in markets with over 600 million people. So we can do much more on the customer base,” Dufay told TechCrunch before undertaking his first secondary share sale as CEO earlier this month.
Between 2020 and 2021, when private and public markets were aflush with capital, the e-tailer raised almost $600 million by selling secondary shares.
Gogoro has deferred its India plans over delay in government incentives, but the Taiwanese company has partnered with Rapido for a bike-taxi pilot.
On Friday, the venture firm Andreessen Horowitz tweeted out a link to its guide on how to “build your social media presence” which features advice for founders.
OpenAI has banned a cluster of ChatGPT accounts linked to an Iranian influence operation that was generating content about the U.S. presidential election, according to a blog post on Friday.…
Apple is reportedly shifting into the world of home robots after the wheels came off its electric car. According to a new report from Bloomberg, a team of several hundred…
Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. I’m Anna Heim from TechCrunch’s international team, and I’ll be writing this newsletter…
MIT this week showcased tiny batteries designed specifically for the purpose of power these systems to execute varied tasks.
Rimac revealed Friday during The Quail, a Motorsports Gathering at Monterey Car Week the Nevera R, an all-electric hypercar that’s meant to push the performance bounds of its predecessor.
While the ethics of AI-generated porn are still under debate, using the technology to create nonconsensual sexual imagery of people is, I think we can all agree, reprehensible. One such…
Almost two weeks ago, TechCrunch reported that African e-commerce giant Jumia was planning to sell 20 million American depositary shares (ADSs) and raise more than $100 million, given its share…
We’re entering the final week of discounted rates for TechCrunch Disrupt 2024. Save up to $600 on select individual ticket types until August 23. Join a dynamic crowd of over…
Epic Games, the maker of Fortnite, announced on Friday that it has officially launched its rival iOS app store in the European Union. The Epic Games Store is also launching…
After bringing AI overviews to the U.S., Google is expanding the AI-powered search summaries to six more countries: India, Brazil, Japan, the U.K., Indonesia and Mexico. These markets will also…
The Commission is seeking more information from Meta following its decision to deprecate its CrowdTangle transparency tool. The latest EU request for information (RFI) on Meta has been made under…
In the last few months, Twitter alternatives — new and old — have found an audience willing to try out a new text-based social network. Mastodon, Bluesky, Spill and T2…
Revolut has confirmed a new valuation of $45 billion via a secondary market share sale, shortly after the U.K.-based neobank secured its own banking license in the U.K. and Mexico.…
A social media spat between billionaire tech investors is raising questions about the journalistic independence of three-year-old news outfit SF Standard, after a reporter representing the outlet reached out to…
SB 1047 has drawn the ire of Silicon Valley players large and small, including venture capitalists, big tech trade groups, researchers and startup founders.
California’s bill to prevent AI disasters, SB 1047, has faced significant opposition from many parties in Silicon Valley. Today, California lawmakers bent slightly to that pressure, adding in several amendments…
Journalists, researchers and politicians are mourning Meta’s shutdown of CrowdTangle, which they used to track the spread of disinformation on Facebook and Instagram. In CrowdTangle’s place, Meta is offering its…
The Rivian camp kitchen attracted buzz from almost the moment it appeared as a prototype in 2019 at Overland Expo West. Despite interest in the accessory, Rivian never actually sold…
Featured Article
A comprehensive list of 2024 tech layoffs
The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to independent layoffs tracker Layoffs.fyi. Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the…
A pair of Rocket Lab-made spacecraft are about to embark on a two-step journey. The first step is the 55-hour, 2,500-mile stretch from California to the launch site at Cape…
At a price of $111 for the Sat75 X board, this is a fun and easy way to get into building a custom mechanical keyboard without breaking the bank.
HighPost Capital, a private equity firm run by Mark Bezos, Jeff Bezos’ younger brother, and PE veteran David Moross, has launched a new venture capital arm.
California residents will soon be able to store their driver’s license or state ID in their Apple Wallet or Google Wallet apps, as the state’s government announced Thursday that support…
Despite the influx of U.K. users to Bluesky, other new data indicates that it’s still Meta’s Threads, not Bluesky, that’s better poised to challenge X.
Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! We brought…
