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March 26, 2019
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Venture Capital

Startups Weekly: A much-needed unicorn IPO update

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As I’m sure everyone reading this knows, female-founded businesses receive just over 2 percent of venture capital on an annual basis. Most of those checks are written to early-stage startups. It’s extremely difficult for female founders to garner late-stage support, let alone cash $100 million checks.

Maybe that’s finally changing. This week, not one but two female-founded and led companies, Glossier and Rent The Runway, raised nine-figure rounds and cemented their status as unicorn companies. According to PitchBook data from 2018, there are only about 15 unicorn startups with female founders. Though I’m sure that number has increased in the last year, you get the point: There are hundreds of privately held billion-dollar companies and shockingly few of those have women founders (even fewer have female CEOs)…

Moving on…

YC Demo Days

I spent a good part of the week at San Francisco’s Pier 48 in a room full of vest-wearing investors. We listened to some 200 YC companies make their 120-second pitch and though it was a bit of a whirlwind, there were definitely some standouts. ICYMI: We wrote about each and every company that pitched on day 1 and day 2. If you’re looking for the inside scoop on the companies that forwent demo day and raised rounds, or were acquired, before hitting the stage, we’ve got that too.

IPO corner

Lyft: This week, Lyft set the terms for its highly-anticipated initial public offering, expected to be completed next week. The company will charge between $62 and $68 per share, raising more than $2 billion at a valuation of ~$23 billion. We previously reported its initial market cap would be around $18.5 billion, but that was before we knew that Lyft’s IPO was already oversubscribed. Here’s a little more background on the Lyft IPO for those interested.

Uber: The global ride-hailing business flew a little more under the radar this week than last week, but still managed to grab a few headlines. The company has decided to sell its stock on the New York Stock Exchange, which is the least surprising IPO development of 2019, considering its key U.S. competitor, Lyft, has been working with the Nasdaq on its IPO. Uber is expected to unveil its S-1 in April.

Ben Silbermann, co-founder and CEO of Pinterest, at TechCrunch Disrupt SF 2017.

Pinterest: Pinterest, the nearly decade-old visual search engine, unveiled its S-1 on Friday, one of the final steps ahead of its NYSE IPO, expected in April. The $12.3 billion company, which will trade under the ticker symbol “PINS,” posted revenue of $755.9 million in the year ending December 31, 2018, up from $472.8 million in 2017. It has roughly doubled its monthly active user count since early 2016, hitting 265 million last year. The company’s net loss, meanwhile, shrank to $62.9 million in 2018 from $130 million in 2017.

Zoom: Not necessarily the buzziest of companies, but its S-1 filing, published Friday, stands out for one important reason: Zoom is profitable! I know, what insanity! Anyway, the startup is going public on the Nasdaq as soon as next month after raising about $150 million in venture capital funding. The full deets are here.

Seed money

General Catalyst, a well-known venture capital firm, is diving more seriously into the business of funding seed-stage business. The firm, which has investments in Warby Parker, Oscar and Stripe, announced earlier this week its plan to invest at least $25 million each year in nascent teams.

Deal of the week

Earlier this week, Opendoor, the SoftBank -backed real estate startup, filed paperwork to raise even more money. According to TechCrunch’s Ingrid Lunden, the business is planning to raise up to $200 million at a valuation of roughly $3.7 billion. It’s possible this is a Series E extension; after all, the company raised its $400 million Series E only six months ago. Backers of OpenDoor include the usual suspects: Andreessen Horowitz, Coatue, General Atlantic, GV, Initialized Capital, Khosla Ventures, NEA and Norwest Venture Partners.

Startup capital

Backstage Capital founder and managing partner Arlan Hamilton, center.

Debate

Axios’ Dan Primack and Kia Kokalitcheva published a report this week revealing Backstage Capital hadn’t raised its debut fund in total. Backstage founder Arlan Hamilton was quick to point out that she had been honest about the challenges of fundraising during various speaking engagements, and even on the Gimlet “Startup” podcast, which featured her in its latest season. A Twitter debate ensued and later, Hamilton announced she was stepping down as CEO of Backstage Studio, the operations arm of the venture fund, to focus on raising capital and amplifying founders. TechCrunch’s Megan Rose Dickey has the full story.

Pro rata rights

This week, TechCrunch’s Connie Loizos revisited a long-held debate: Pro rata rights, or the right of an earlier investor in a company to maintain the percentage that he or she (or their venture firm) owns as that company matures and takes on more funding. Here’s why pro rata rights matter (at least, to VCs).

#Equitypod

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and I chat about Glossier, Rent The Runway and YC Demo Days. Then, in a special Equity Shot, we unpack the numbers behind the Pinterest and Zoom IPO filings.

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Equity Shot: Pinterest and Zoom file to go public

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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

What a Friday. This afternoon (mere hours after we released our regularly scheduled episode no less!), both Pinterest and Zoom dropped their public S-1 filings. So we rolled up our proverbial sleeves and ran through the numbers. If you want to follow along, the Pinterest S-1 is here, and the Zoom document is here.

Got it? Great. Pinterest’s long-awaited IPO filing paints a picture of a company cutting its losses while expanding its revenue. That’s the correct direction for both its top and bottom lines.

As Kate points out, it’s not in the same league as Lyft when it comes to scale, but it’s still quite large.

More than big enough to go public, whether it’s big enough to meet, let alone surpass its final private valuation ($12.3 billion) isn’t clear yet. Peeking through the numbers, Pinterest has been improving margins and accelerating growth, a surprisingly winsome brace of metrics for the decacorn.

Pinterest has raised a boatload of venture capital, about $1.5 billion since it was founded in 2010. Its IPO filing lists both early and late-stage investors, like Bessemer Venture Partners, FirstMark Capital, Andreessen Horowitz, Fidelity and Valiant Capital Partners as key stakeholders. Interestingly, it doesn’t state the percent ownership of each of these entities, which isn’t something we’ve ever seen before.

Next, Zoom’s S-1 filing was more dark horse entrance than Katy Perry album drop, but the firm has a history of rapid growth (over 100 percent, yearly) and more recently, profit. Yes, the enterprise-facing video conferencing unicorn actually makes money!

In 2019, the year in which the market is bated on Uber’s debut, profit almost feels out of place. We know Zoom’s CEO Eric Yuan, which helps. As Kate explains, this isn’t his first time as a founder. Nor is it his first major success. Yuan sold his last company, WebEx, for $3.2 billion to Cisco years ago then vowed never to sell Zoom (he wasn’t thrilled with how that WebEx acquisition turned out).

Should we have been that surprised to see a VC-backed tech company post a profit — no. But that tells you a little something about this bubble we live in, doesn’t it?

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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Startups Weekly: Uber’s headline-grabbing week and sextech at SXSW

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I spent the week at SXSW, Austin’s really, really huge technology, music, comedy and film festival. It’s my first year making the trek down here for the event, which I did to interview sextech entrepreneur Lora DiCarlo founder Lora Haddock, whose robotics innovation reward was infamously revoked at this year’s CES.

“I brush my teeth and I masturbate. It’s all normal,” she said, addressing the stigma surrounding female-focused pleasure tech. Haddock, during our chat, also announced the first-ever government grant for a sextech startup, a $99,637 funding for Lora DiCarlo from the state of Oregon. Lora DiCarlo plans to release its first product, the Osé, this fall.

Here’s what happened while I was wandering confused around Austin.

Uber, Uber, Uber

Uber dominated the news cycle this week; here’s the TL;DR. The ride-hailing company is probably, most likely going to unveil its S-1 next month and it’s tying up some loose ends ahead of its big IPO. Uber wants to raise roughly $1 billion at a valuation of between $5 billion and $10 billion for its autonomous vehicles unit — yes, the same one that was burning through $20 million per month. Waymo, similarly, is looking to raise outside capital for the first time for its AV efforts.

Top TPG dealmaker caught in college admissions scandal

Bill McGlashan, who built his career as a top investor at the private equity firm TPG, was fired (or maybe quit?) says the firm after he was caught up in what the Justice Department said is the largest college admissions scandal it has ever prosecuted. Even worse, McGlashan lead TPG’s social impact strategy under the Rise Fund brand, making the charges particularly damning.

Accel gets $2.5B

HotelTonight and Slack stakeholder Accel raised $2.525 billion, sources confirm to TechCrunch; $525 million for its fourteenth early-stage fund, $1.5 billion for its fifth growth fund and $500 million for its second Leaders Fund, or a dedicated pool of capital meant to help the firm strengthen its positions on particularly competitive bets. Plus, 137 Ventures announced its fourth fund with $210 million in committed capital. The firm provides liquidity to founders and early employees of “sustainable, fast-growing, private companies.” In essence, 137 Ventures buys shares directly from employees at unicorn tech companies, like Palantir,  Flexport and Airbnb.

Sam Altman

Last week, we reported Y Combinator president Sam Altman would be stepping down to focus on OpenAI. TechCrunch’s Connie Loizos questions whether he had a positive or negative influence on the accelerator during his presidency. Altman was part of the first YC startup class in 2005 and began working part-time as a YC partner in 2011. He was ultimately made the head of the organization five years ago.

Brian O’Malley’s HotelTonight win

Forerunner Ventures general partner Brian O’Malley went long on HotelTonight and it paid off. For your weekend reading, we thought you might enjoy an oral history from O’Malley about how he stumbled upon HotelTonight and remained connected to the company across its nine-year history.

Here’s your weekly reminder to send me tips, suggestions and more to kate.clark@techcrunch.com or @KateClarkTweets

Startup cash

VC shakeups 

In an announcement that shocked VC Twitter, Tiger Global announced that Lee Fixel, whom Bill Gurley once said is one of the smartest investors on the scene, is leaving the firm at the end of June. Scott Shleifer and Chase Coleman will continue as co-managers of the portfolios Fixel has overseen, with Shleifer taking over as its head. “Lee has been a driving force behind the expansion of Tiger Global’s private equity investing activities in the United States and India, and he has distinguished himself as a world-class investor across multiple sectors and stages,” the firm stated. And on the hiring front, Canvas Ventures is expanding its team of three general partners to four with the hiring of Mike Ghaffary, a former general partner at Social Capital.

Extra Crunch

Subscribers to TechCrunch’s premium content can learn which types of startups are most often profitable.

Y Combinator’s latest batch

YC demo days are coming up quick. The TechCrunch staff has been meeting with YC startups and documenting their journey through the startup accelerator. I spoke to YourChoice Therapeutics, a startup developing unisex, non-hormonal birth control, and Bottomless, which operates a direct-to-consumer coffee delivery service. TechCrunch’s Lucas Matney wrote about Jetpack Aviation, a YC startup, and its $380,000 flying motorcycle, and Adventurous, an augmented reality scavenger hunt crafted for families. TechCrunch’s Megan Rose Dickey spoke to Ysplit, which wants to make it so you never have to owe anyone money ever again.

Listen to me talk

This week on Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines, Crunchbase News’ editor-in-chief Alex Wilhelm and TechCrunch’s Connie Loizos discuss Uber’s IPO and Stash’s big round. Listen here.

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Zeus raises $24M to make you a living-as-a-service landlord

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Cookie-cutter corporate housing turns people into worker drones. When an employee needs to move to a new city for a few months, they’re either stuck in bland, giant apartment complexes or Airbnbs meant for shorter stays. But Zeus lets any homeowner get paid to host white-collar transient labor. Through its managed ownership model, Zeus takes on all the furnishing, upkeep, and risk of filling the home while its landlords sit back earning cash.

Zeus has quietly risen to a $45 million revenue run rate from renting out 900 homes in 23 cities. That’s up 5X in a year thanks to Zeus’ 150 employees. With a 90 percent occupancy rate, it’s proven employers and their talent want more unique, trustworthy, well-equipped multi-month residences that actually make them feel at home.

Now while Airbnb is distracted with its upcoming IPO, Zeus has raised $24 million to steal the corporate housing market. That includes a previous $2.5 million seed round from Bowery, the new $11.5 million Series A led by Initialized Capital whose partner Garry Tan has joined Zeus’ board, and $10 million in debt to pay fixed costs like furniture. The plan is to roll up more homes, build better landlord portal software, and hammer out partnerships or in-house divisions for cleaning and furnishing.

“In the first decade out of school people used to have two jobs. Now it’s four jobs and it’s trending to five” says Zeus co-founder and CEO Kulveer Taggar. “We think in 10 years, these people won’t be buying furniture.” He imagines they’ll pay a premium for hand-holding in housing, which judging by the explosion in popularity of zero-friction on-demand services, seems like an accurate assessment of our lazy future. Meanwhile, Zeus aims to be “the quantum leap improvement in the experience of trying to rent out your home” where you just punch in your address plus some details and you’re cashing checks 10 days later.

Buying Mom A House Was Step 1

“When I sold my first startup, I bought a home for my mom in Vancouver” Taggar recalls. It was payback for when she let him remortgage her old house while he was in college to buy a condo in Mumbai he’d rent out to earn money. “Despite not having much growing up, my mom was a travel agent and we got to travel a lot” which Taggar says inspired his goal to live nomadically in homes around the world. Zeus could let other live that dream.

Zeus co-founder and CEO Kulveer Taggar

After Oxford and working as an analyst at Deutsche Bank, Taggar built student marketplace Boso before moving to the United States. There, he co-founded auction tool Auctomatic with his cousin Harjeet Taggar and future Stripe co-founder Patrick Collison, went through Y Combinator, and sold it to Live Current Media for $5 million just 10 months later. That gave him the runway to gift a home to his mom and start tinkering on new ideas.

With Y Combinator’s backing again, Taggar started NFC-triggered task launcher Tagstand, which pivoted into app settings configurer Agent, which pivoted into automatic location sharing app Status. But when his co-founder Joe Wong had to move an hour south from San Francisco to Palo Alto, Taggar was dumbfounded by how distracting the process was. Listing and securing a new tenant was difficult, as was finding a medium-term rental without having to deal with exhorbitant prices or sketchy Cragislist. Having seen his former co-founder go on to great success with Stripe’s dead-simple payments integration, Taggar wanted to combine that vision with OpenDoor’s easy home sales to making renting or renting out a place instantaneous. That spawned Zeus.

Stripe Meets OpenDoor To Beat Airbnb

To become a Zeus landlord, you just type in your address, how many bedrooms and bathrooms, and some aesthetic specs, and you get a monthly price quote for what you’ll be paid. Zeus comes in and does a 250-point quality assessment, collects floor plans, furnishes the property, and handles cleaning and maintenance. It works with partners like Helix mattresses, Parachute sheets, and Simple Human trash cans to get bulk rates. “We raised debt because we had these fixed investments into furniture. It’s not as dilutive as selling pure equity” Taggar explains.

Zeus quickly finds a tenant thanks to listings in Airbnb and relationships with employers like Darktrace and ZS Associates with lots of employees moving around. After passing background checks, tenants get digital lock codes and access to 24/7 support in case something doesn’t look right. The goal is to get someone sleeping there in just 10 days. “Traditional corporate housing is $10,000 a month in SF in the summer or at extended stay hotels. Airbnb isn’t well suited [for multi-month stays]. ” Taggar claims. “We’re about half the price of traditional corporate housing for a better product and a better experience.”

Zeus signs minimum two-year leases with landlords and tries to extend them to five years when possible. It gets one free month of rent as is standard for property managers, but doesn’t charge an additional rate. For example, Zeus might lease your home for $4,000 per month but gets the first month free, and rent it out for $5,000 so it earns $60,000 but pays you $44,000. That’s a tidy margin if Zeus can get homes filled fast and hold down its upkeep costs.

“Zeus has been instrumental for my company to start the process of re-location to the Bay Area and to host our visiting employees from abroad now that we are settled” writes Zeus client Meitre’s Luis Caviglia. “I particularly like the ‘hard truths’ featured in every property, and the support we have received when issues arose during our stays.”

At Home, Anywhere

There’s no shortage of competitors chasing this $18 billion market in the US alone. There are the old-school corporations and chains like Oakwood and Barbary Coast that typically rent out apartments from vast, generic complexes at steep rates. Stays over 30 days made up 15 percent of Airbnb’s business last year, but the platform wasn’t designed for peace-of-mind around long-term stays. There are pure marketplaces like UrbanDoor that don’t always take care of everything for the landlord or provide consistent tenant experiences. And then there are direct competitors like $130 million-funded Sonder, $66 million-funded Domio, recently GV-backed 2nd Address, and European entants like MagicStay, AtHomeHotel, and Homelike.

Zeus’ property unit growth

There’s plenty of pie, though. With 330,000 housing units in SF alone, Zeus has plenty of room to grow. The rise of remote work means companies whose employee typically didn’t relocate may now need to bring in distant workers for a multi-month sprint. A recession could make companies more expense-cautious, leading them to rethink putting up staffers in hotels for months on end. Regulatory red tape and taxes could scare landlords away from short-term rentals and towards coprorate housing. And the need to expand into new businesses could tempt the big vacation rental platforms like Airbnb to make acquisitions in the space — or try to crush Zeus.

Winners will be determined in part by who has the widest and cheapest selection of properties, but also by which makes people most comfortable in a new city. That’s why Taggar is taking a cue from WeWork by trying to arrange more community events for its tenants. Often in need of friends, Zeus could become a favorite by helping people feel part of a neighborhood rather than a faceless inmate in a massive apartment block or hotel. That gives Zeus network effect if it can develop density in top markets.

Taggar says the biggest challenge is that “I feels like I’m running five startups at once. Pricing, supply chain, customer service, B2B. We’ve decided to make everything custom — our own property manager software, our own internal CRM. We think these advantages compound, but I could be wrong and they could be wasted effort.”

The benefits of Zeus‘ success would go beyond the founder’s bank account. “I’ve had friends in New York get great opportuntiies in San Francisco but not take them because of the friction of moving” Taggar says. Routing talent where it belongs could get more things built. And easy housing might make people more apt to live abroad temporarily. Taggar concludes, “I think it’s a great way to build empathy.”

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Can there be too much competition between startups?

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Competition is the core of capitalism. Competition between companies lowers prices — on average — and ensures that they are forced to innovate lest they lose their markets to others. Competition between workers ensures that people strive to do their best work lest their jobs go to more qualified or faster or cheaper replacements.

Obviously, there is a spectrum here from lethargic monopoly to cutthroat competition that causes more problems than it’s worth (environmental damage in the hopes of cutting costs, fraud, deceit, etc.). Drawing that line though is really, really hard though, and there are unfortunately not many non-academic discussions of how much competition is needed to spur innovation.

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So it was surprising to read an entire chapter about this dilemma comparing China and the U.S. in Kai-Fu Lee’s book AI Superpowers (yes, yes, I am dreadfully behind on this particular book review).

While the book is about AI, Lee is trying to undo American conceptions of Chinese innovation early on in the text. Yes, the country was once a copycat haven, but that has changed as the learnings of copying have led to originality:

The first act of copying didn’t turn into an anti-innovation mentality that its creator could never shake. It was a necessary steppingstone on the way to more original and locally tailored technology products.

In his narrative, American (tech) companies didn’t fail in China because they were incompetent, but rather because they never made the effort to localize:

American public companies tend to treat international markets as cash cows, sources of bonus revenue to which they are entitled by virtue of winning at home. […] American companies treat China like just any other market to check off their global list. They don’t invest the resources, have the patience, or give their Chinese teams the flexibility needed to compete with China’s world-class entrepreneurs.

China’s entrepreneurs didn’t just learn how to build products quickly from their early copying, but also learned that they had to ferociously compete for markets:

The sheer density of competition and willingness to drive prices down to zero forced companies to iterate: to tweak their products and invent new monetization models, building robust businesses with high walls that their copycat competitors couldn’t scale.

Lee’s ultimate point is that by focusing on markets instead of mission, Chinese startups move far faster and more aggressively to seize opportunities. But that also means that there are can be thousands of startups all targeting the same market at the same time, which forces outside-the-box (read: quite possibly unethical or illegal) behavior in order to compete. “For these gladiators, no dirty trick or underhanded maneuver was out of bounds. They deployed tactics that would make Uber founder Travis Kalanick blush.”

I’ve talked a number of times about the “Chinese think Palo Alto is dumpy” problem. But it bears repeating: competition is the key to a startup ecosystem. Competition forces founders to move faster, to hire quicker, to make product decision with alacrity and otherwise to win their markets today and not a year from now. The best founders in Silicon Valley founders understand this, although this secret seems to be increasingly lost today.

History, of course repeats. Just yesterday, it was revealed that Chinese caffeine chain Luckin Coffee received a $200 million loan from investment banks in prep for an IPO. From Julie Zhu and Kane Wu at Reuters:

The firm officially launched its business only in January last year and in July raised $200 million in its maiden funding round that valued it at $1 billion, making it one of the fastest-ever firms to make the ‘unicorn’ milestone.

[…]

The loss-making firm has been expanding at breakneck speed with over 2,000 cafes opened and plans to open 2,500 this year – displacing Starbucks as China’s largest coffee chain in the process.

15 months and larger than Starbucks. That’s speed, and that’s how you compete.

Digging into the S1: Jumia IPO has points for praise and pause

PIUS UTOMI EKPEI/AFP/Getty Images

Written by Arman Tabatabai

Jumia grabbed headlines yesterday after the African e-commerce player filed for an IPO on the NYSE. Our writer Jake Bright covered the news and provided insightful context around Jumia’s business model, its footprint, and the state of e-commerce in Africa.

With Jumia en route to becoming Africa’s first public tech company listed abroad, we dug into the company’s S-1 to get a better understanding of all its moving parts. Generally, the story is pretty compelling: Jumia is one of the largest pan-Africa e-commerce businesses with a large and rapidly growing active user base that is positively levered at Africa’s economic development and mobile adoption.

While the company is burning cash and losing hundreds of millions of dollars each year, that’s hardly uncommon anymore. But one area that gave me pause was the company’s margin breakdown.

To measure the economics and operating performance of the company’s core operations, Jumia uses “platform contribution,” a metric it defines as gross profit — excluding revenue from services outside the core platform — subtracted by fulfillment costs from third-party logistics providers, primarily related to freight and shipping. Using this metric, Jumia’s platform contribution was about 9-11% of sales in 2017-18.

However, Jumia’s metric excludes fulfillment and delivery costs associated with Jumia’s network of warehouses, their fulfillment employees, and other related expenses, with the logic being that these costs are fairly flat year-to-year and less indicative of the variable costs of the business. However, as an e-commerce logistics and delivery provider, the unaccounted for fulfillment costs seem at least relevant, if not core.

If we were to include all Jumia’s fulfillment expenses in the calculation, Jumia’s platform contribution would actually be negative 5-11% in 2017-18. While thin to negligible margins aren’t unusual for scaling e-commerce platforms, Jumia’s margins fall short of levels seen in past prospectuses from some of the e-commerce giants Jumia looks up to. Amazon, Alibaba, and even JD.com all had at least a year of positive margins including total fulfillment costs at the time of their S-1s. (Though to be fair here, none of the three companies are apples-to-apples comps — Amazon’s S-1 was decades ago, Alibaba operated on a completely different scale at the time of its IPO, and JD.com used a different model focused on direct sales).

Still, the numbers here are just a little unnerving within the context of Africa’s previous e-commerce failures, as discussed by Jake Bright:

“Jumia’s move to go public comes as several notable consumer digital sales startups have faltered in Nigeria…

…In late 2018, Nigerian online sales platform DealDey shut down. And TechCrunch reported this week that consumer-focused venture Gloo.ng has dropped B2C e-commerce altogether to pivot to e-procurement. The CEO cited better unit economics from B2B sales.

Jumia also competes with services backed by Amazon and Naspers in several of its markets, which can be daunting when competing on economics.

The other disclosure that had me harping on Jumia’s fulfillment expense was in the “Risk Factors” section, where the company highlighted that it operates in markets with under-developed physical, economic, legal, and institutional infrastructure. And while there’s heavy investment going into African infrastructure — which could act as a growth tailwind for Jumia in the long-run — improving, let alone creating, infrastructure takes much longer than doing the same in normal business operations, as we’ve discussed ad nauseam.

Because of the lack of infrastructure, Jumia openly discusses the difficulties of delivery and stable fulfillment in its markets and has had to build out a lot of operational infrastructure itself. To me, it at least raises questions around how quickly Jumia will be able to get its cost structure down and whether it might take a bit longer compared to some of its global e-commerce peers.

Thanks

To every member of Extra Crunch: thank you. You allow us to get off the ad-laden media churn conveyor belt and spend quality time on amazing ideas, people, and companies. If I can ever be of assistance, hit reply, or send an email to danny@techcrunch.com.

This newsletter is written with the assistance of Arman Tabatabai from New York

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