Thinking about starting a new business? Then consider starting one in Africa.
According to TechCrunch, several large companies and startup online business have received large amounts of funding to expand and start new ventures on the African continent. On Monday, German e-commerce incubator and cloning company Rocket Internet and MTN partnered to develop new internet ventures in Africa through Africa Internet Holding. Within the last 18 months, e-commerce ventures such as Jumia, Zando, Lamui, and Easytaxi have been developed in several African countries.
And the race for the African market continues. iROKOtv, the Africa-based video-on-demand platform that showcases Nigerian movies, popularly known as ‘Nollywood’, received $8 million in a funding round led by investor Tiger Global. With contributions from US-based investor Rise Capital the company raised a total of $21 million, making iROKOtv one of the most well-funded internet companies in Africa today.
The company plans to use the funds to move from a subscription based model to an advertising based on to build revenue. They also plan to flip their audience from Diaspora based to African. 50% of their current audience is based in the US and the UK.