MATTHEW BUCKLAND: Africa’s tech unicorn Jumia to list in New York
After seven years in operation, the company has a presence in 14 African countries
In late 2019, the African start-up world will reach an important milestone. The largest e-commerce business in Africa, which has recently filed for an initial public offering (IPO), is due to be listed on the New York Stock Exchange (NYSE) just seven years after it was founded. It’s an inspirational African start-up story of real growth, vision and international partnerships. Jumia is billed as the continent’s “first tech unicorn”, which means it carries a valuation of more than $1bn. It will be the first African start-up to list on the NYSE. It’s a true pan-African, and global, success story. The erstwhile start-up operates in 14 African countries, including Nigeria, Ghana, Ivory Coast, Kenya, Morocco and Egypt, is registered as a German company and has its headquarters in Dubai. Its main tech team is based in Portugal. It has an SA connection, with MTN being a founding and the largest shareholder in the business to the tune of about €300m. And now it is to be listed in New York, u...
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