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 …

No More Deals: San Francisco Considers Raising Taxes on Tech

At a recent postmortem for the so-called Twitter tax break, the divisive San Francisco policy that drew tech companies to a beleaguered stretch of downtown, the tone at City Hall was chilly. Tech offices—the likes of Twitter, Zendesk, and Uber—had indeed arrived as promised, but residents of the city’s Mid-Market neighborhood told officials that little uplift came with the logos. “I’ve seen the number of people who are sleeping on the street increase. We’ve seen a lot of displacement … affordable restaurants close,” said Sam Dennison, a local resident who served on a citizen advisory board for the tax break. “We felt like we were going to be annihilated, and in a lot of ways we weren’t wrong.” In the …

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. …