What we know (and dont) about Goldman Sachs Africa VC investing

Goldman Sachs is investing in African tech companies. The venerable American investment bank and financial services firm has backed startups from Kenya to Nigeria and taken a significant stake in e-commerce venture Jumia, which listed on the NYSE in 2019. Though Goldman declined to comment on its Africa VC activities for this article, the company has spoken to TechCrunch in the past about specific investments. Goldman Sachs is one of the most enviable investment banking shops on Wall Street, generating $36 billion in net revenues in 2019, or roughly $1 million per employee. It’s the firm that always seems to come out on top, making money during the financial crisis while its competitors were hemorrhaging. For generations, MBAs from the …

An Oscars ban for a Nigerian film shows the Academy still doesnt get it on race | Afua Hirsch

Excluding Lionheart for using English shows Africans are still expected to satisfy American ideas of authenticity, says Guardian columnist Afua Hirsch The penny about the USs worldview dropped for me when I recently interviewed a highly educated, accomplished, politically and racially literate American. I mentioned something about the British empire and he looked at me blankly. What is that exactly? he asked. This isnt a criticism of individual Americans; many British people themselves dont know their own imperial history. Its a feature of what is taught in schools and purveyed in the media, which is myopic. But news about the 2020 Oscars this week did bring that particular exchange back to mind. The Academy was considering a Nollywood film industry …

Africa Roundup: Jumias post-IPO earnings, Gokadas $5.3M raise, Facebooks fake-news purge, Joe Montanas fintech investment

Jumia held its first post-IPO earnings call and weathered a short-sell assault in May, with Wall Street showing confidence in the Pan-African e-commerce company. On the numbers, key takeaways were that Jumia’s Gross Merchandise Value (GMV) — the total amount of goods sold over the period — grew by 58% to €240 million. Marketplace revenue grew 102% to €16 million, and gross profits as a percentage of GMV grew by 6.5% in Q1 2019. Overall, Jumia’s operating losses for the period widened to €45.4 million from €34.3, and negative EBITDA increased to €39.5 million from €30.2. So the startup’s still losing money — see the big losses reported in the IPO filing — but is improving its ability to earn. …