Jumia is Africa's aspiring Amazon, or China's Alibaba, and big-name investors like Goldman Sachs have taken note. The online retailer launched in 2012 in Nigeria with the backing of a German startup, and is now the continent's biggest e-commerce platform, selling goods and services to millions of Africans. ⠀ ⠀ Jumia has expanded from four to 14 countries, and raised more than $700 million from investors in the process. It was valued at $1.2 billion during its last fundraising round in 2016. Gross sales last year reached $597 million, up 42% from the year prior. Its vendor network spans from Cape Town, South Africa, to Casablanca, Morocco, and includes up to 70,000 businesses offering their goods and services online.⠀ ⠀ Jumia's impressive growth story has also outlined the scale of the challenge for African online retail, which is faced with poor internet connections and tight bank lending for vendors and consumers. As a result, Jumia has had to build from scratch much of the economic infrastructure within which it can operate. The company has adapted by accepting cash on delivery from customers, setting up credit lines and offering loans to vetted vendors, and holding training workshops on basic accounting and stock-keeping. ⠀ ⠀ "Nowhere else in the world is it more difficult to shop than in Africa," said Sacha Poignonnec, Jumia's co-founder and chief executive.⠀ ⠀ Read more at the link in our bio. ⠀ ⠀ ?: @nicholesobecki

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Jumia is Africa's aspiring Amazon, or China's Alibaba, and big-name investors like Goldman Sachs have taken note. The online retailer launched in 2012 in Nigeria with the backing of a German startup, and is now the continent's biggest e-commerce platform, selling goods and services to millions of Africans. ⠀

Jumia has expanded from four to 14 countries, and raised more than $700 million from investors in the process. It was valued at $1.2 billion during its last fundraising round in 2016. Gross sales last year reached $597 million, up 42% from the year prior. Its vendor network spans from Cape Town, South Africa, to Casablanca, Morocco, and includes up to 70,000 businesses offering their goods and services online.⠀

Jumia's impressive growth story has also outlined the scale of the challenge for African online retail, which is faced with poor internet connections and tight bank lending for vendors and consumers. As a result, Jumia has had to build from scratch much of the economic infrastructure within which it can operate. The company has adapted by accepting cash on delivery from customers, setting up credit lines and offering loans to vetted vendors, and holding training workshops on basic accounting and stock-keeping. ⠀

"Nowhere else in the world is it more difficult to shop than in Africa," said Sacha Poignonnec, Jumia's co-founder and chief executive.⠀

Read more at the link in our bio. ⠀

?: @nicholesobecki


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