Technology
Jumia plans to raise over $100 million in secondary shares to boost stalled user growth

African e-commerce company Jumia is selling 20 million American depositary shares in the subsequent few weeks, TechCrunch has learned. The at-the-market deal goals to profit from strong results despite a volatile market.
Given Jumia’s share price of around $5.70 when the stock market opened Tuesday, the e-commerce company could potentially raise around $100 million through a brand new share offering. However, the ultimate amount will rely on the share price, which has since fallen to $4.90. The drop, from around $11 on Monday after a 200% gain in the past three months, may very well be attributed to shareholders reacting negatively to news of dilution, the impact of world carry trades, or each.
This isn’t the primary time Jumia has taken this approach. The e-tailer raised almost $600 million from secondary share sales between 2020 and 2021.
CEO Francis Dufay, who’s making a secondary share sale for the primary time, told TechCrunch that Jumia is raising money this time to speed up its business, having made significant progress in cost management and efficiency.
“The new funding will be used to expand our supply chain network, specifically by improving logistics to reach smaller cities and expanding our overall network,” Dufay noted. “We also plan to invest in technology, with a focus on marketing and supplier technology, which we believe will significantly drive growth. In short, after some deep, fundamental, hard work on cost and efficiency, we believe it’s time to shift the focus toward growth and invest additional money so we can scale the company faster and achieve even more success.”
Crossing the two million mark
Specifically, these measures will improve Jumia’s money position, which currently stands at $92.8 million (including $45.1 million in money and money equivalents and $47.7 million in term deposits and other financial assets) compared to Q2 2024. latest financial reportFor comparison, the platform’s liquidity in the fourth quarter of 2023 amounted to $120.6 million, and in the primary quarter of 2024 – $101.5 million.
The funds raised can even be used for other purposes including customer acquisition, product assortment, maintaining supplies and adding more suppliers to the market offering.
Jumia’s lively customer base has hovered around two million for several quarters. The number represents a 6.0% quarter-on-quarter increase compared to Q1 2024 and flat year-on-year growth between Q2 2023 and Q2 2024. “Our customer base is still relatively small, around two million active consumers per quarter, while we operate in markets with over 600 million people. So we can do a lot more in the customer base,” Dufay said.
Orders then rose 7% year-on-year to 4.8 million. Jumia attributes the growth to product diversification, one other area it plans to double down on with the capital raised.
However, despite the rise in orders, Jumia’s GMV and revenue fell 5% and 17% year-over-year to $170.1 million and $36.5 million, respectively. As with most of Jumia’s financial reports since recent management took over in Q4 2022, a recurring theme has been that the numbers typically highlight year-over-year improvement in constant currency, but fluctuate in dollar terms due to devaluation. For example, Jumia’s GMV in constant currency increased 35.0% year-over-year, while revenue increased 15%.
“The devaluation that occurred in our two largest potential markets, Egypt and Nigeria, at the end of the first quarter had a significant impact on our revenue quarter over quarter,” Dufay said. “However, we saw some signs of stabilization and a sharp narrowing of the spread between official and parallel market rates. More importantly, our ability to drive GMV growth in constant currency shows that our value proposition is working.”
Turning to profitability, Jumia’s adjusted EBITDA loss, which excludes finance charges, narrowed 10% to $16.3 million — in line with an 8% year-on-year decline in its operating loss to $20.2 million — primarily driven by cost-cutting initiatives.
While Jumia has used each adjusted EBITDA and operating loss to measure losses and the trail to profitability for years, Dufay insisted on the decision that the 12-year-old e-commerce platform is more likely to report a loss before income tax from continuing operations, which incorporates financial costs corresponding to the impact of FX and the associated fee of repatriating money. The loss before income tax from continuing operations was $22.5 million, down 27% yr over yr.
“We have been emphasizing this KPI more in recent quarters due to currency volatility and related costs. Reporting the full picture is essential for companies exposed to such volatility. For example, Mercado Libre in Latin America also prefers to look at pre-tax loss rather than EBITDA,” the CEO said. “During their recent earnings call, they highlighted how currency volatility in Argentina affects financial costs. Therefore, focusing on pre-tax loss provides a more comprehensive picture when operating in multiple markets with currency fluctuations.”
Technology
As Musk manages his growing family: WSJ

Elon Musk says his duty is to “make new people.” Now Investigation of WSJ He suggests that he could start greater than 14 known children, and the sources claim that the actual number will be much higher. The report also describes how Musk keeps these details within the package.
In the middle of all this, based on the report, there may be a longtime Fixer Jared Birchall, which runs the Muska’s family office, but additionally supports the logistics of the developing Muska family, including by developing Hush contracts and serving as a board for moms of some children.
For example, Musk reportedly asked the conservative influence of Ashley St. Clair for signing a restrictive agreement after she gave birth to their son last autumn. Agreement: $ 15 million plus an extra $ 100,000 per 30 days, so long as the kid is 21 in exchange for her silence. She refused; He says that the contract worsens with every treason perceived. (She told the journal that the Muska team sent her only $ 20,000 after they bowed to Musk to comment on his article).
As for Birchall, which can also be CEO Press-IMPLANTU-IMPLANTU VENTURE NEURALK IA partner In AI Venture XAI in Musk, Muska’s private life management can simply be the third full -time job. According to the journal, in a single two -hour conversation with St. Clair, Birchall told her that the transition “legal path” with musk “always, always leads to a worse result for this woman than otherwise.”
Technology
Lime scooter and Ebike batteries will be recycled by Redwood Materials

The joint company Micromobility Lime has reached an agreement on sending batteries utilized in scooters and electronic bikes to Sewoi materials that extract and recycle critical minerals, comparable to lithium, cobalt, nickel and copper.
The agreement announced on Monday makes Redwood Materials the only real battery recycling partner for common scooters and e-bike bikes situated in cities within the United States, Germany and the Netherlands. The contract doesn’t cover every region where lime worksAn inventory covering cities throughout Europe, Asia and Australia.
In Lime up to now he had other recycling partnerships, especially with Sprout through his suppliers. However, for the primary time, the joint company Micromobility had direct relations with battery recycling in North America, which might directly process the fabric for recovery and returns it to the availability chain.
Redwood Materials, The Carson City, Startup from Nevada founded by the previous CFO Tesla JB Straubel, will get better battery materials when they can’t be used. After recovering and recycling, the materials will be re -introduced within the battery production process. This production system of a closed loop-which can reduce the demand for extraction and refining of minerals-is on the Redwood Materials business center.
The effort can also be consistent with its own goals of limestone sustainable development. Lime is geared toward decarbonization of operations by 2030. The company has made progress in reducing the range 1, 2 and 3 of emissions by 59.5% in five years of basic years 2019. Wapno plans to report the outcomes of carbon dioxide emissions 2024 in May.
“This cooperation means significant progress in the establishment of a more round supply chain, helping our batteries not only to recycled responsibly after reaching the end of their lives, but that their materials are returned to the battery supply chain,” said Andrew Savage, vice chairman for balanced development in Lime.
Lime also has partnerships from Gomi in Great Britain and Voltr in France and other European countries to gather these live battery cells for “Second Life” applications, including, amongst others, in the sphere of consumer electronics, comparable to portable speakers and battery packages.
Redwood Materials has contracts with other micromobility corporations, including Lyft, RAD Power Bikes and bicycle batteries and scooters specialized in recycling. Redwood, which collected over $ 2 billion in private funds, announced at first of this month, opened the research and development center in San Francisco.
(Tagstranslat) ebikes
Technology
The Legal Defense Fund withdraws from the META civil law advisory group over Dei Rolback

On April 11, the Legal Defense Fund announced that he was leaving the external advisory council for civil rights regarding the fear that the changes in technology company introduced diversity, own capital, inclusion and availability in January.
According to those changes that some perceived as the capitulation of meta against the upcoming Trump administration, contributed to their decision To leave the advisory council of the technology company.
In January, LDF, along with several other organizations of civil rights, which were a part of the board, sent a letter to Marek Zuckerberg, CEO of Meta, outlining their fears As for a way changes would negatively affect users.
“We are shocked and disappointed that the finish has not consulted with this group or its members, considering these significant changes in its content policy. Non -compliance with even its own advisory group of experts on external civil rights shows a cynical disregard for its diverse users base and undermines the commitment of the meta in the field of freedom of speech with which he claims to” return “.
They closed the letter, hoping that the finish would recommend the ideals of freedom of speech: “If the finish really wants to recommend freedom of speech, he must commit to freedom of speech for all his services. As an advisory group from external civil rights, we offer our advice and knowledge in creating a better path.”
These fears increased only in the next months, culminating in one other list, which from the LDF director, Todd A. Cox, who indicated that the organization withdraws its membership from the META civil law advisory council.
“I am deeply disturbed and disappointed with the announcement of Medical on January 7, 2025, with irresponsible changes in content moderation policies on platforms, which are a serious risk for the health and safety of black communities and risk that they destabilize our republic,” Cox wrote.
He continued: “For almost a decade, the NACP Legal Defense and Educational Fund, Inc. (LDF) has invested a lot of time and resources, working with META as part of the informal committee advising the company in matters of civil rights. However, the finish introduced these changes in the policy of the content modification without consulting this group, and many changes directly with the guidelines from the guidelines from LDF and partners. LD can no longer participate in the scope. ” Advisory Committee for Rights “
In a separate but related LDF list, it clearly resembled a finish about the actual obligations of the Citizens’ Rights Act of 1964 and other provisions regarding discrimination in the workplace, versus the false statements of the Trump administration, that diversity, justice and initiative to incorporate discriminates against white Americans.
“While the finish has modified its policy, its obligations arising from federal regulations regarding civil rights remain unchanged. The title of VII of the Act on civic rights of 1964 and other regulations on civil rights prohibit discrimination in the workplace, including disconnecting treatment, principles in the workplace which have unfair disproportionate effects, and the hostile work environment. Also when it comes to inclusion, and access programs.
In the LDF press release, announcing each letters, Cox He called attention Metal insert into growing violence and division in the country’s social climate.
“LDF worked hard and in good faith with meta leadership and its consulting group for civil rights to ensure that the company’s workforce reflects the values and racial warehouses of the United States and to increase the security priorities of many different communities that use meta platforms,” said Cox. “Now we cannot support a company in good conscience that consciously takes steps in order to introduce changes in politics that supply further division and violence in the United States. We call the meta to reverse the course with these dangerous changes.”
(Tagstranslate) TODD A. COX (T) Legal Defense Fund (T) META (T) Diversity (T) Equality (T) inclusion
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