Only yesterday German e-commerce incubator and cloning
giant Rocket Internet and MTN partnered to develop internet businesses in
Africa through Africa Internet Holding (AIH), a vehicle to develop e-commerce
businesses across the continent (alongside partner Millicom International
Cellular).
They took a 1/3 stake but the value was undisclosed. It’s already
developed a number of e-commerce ventures in the last 18 months, including
Jumia, Zando, Kaymu, Jovago, Lamudi, Carmudi, Easytaxi and Hellofood.
The veritable scramble
for Africa is continuing, with the news that iROKOtv, the Africa-based movie
platform for Nigerian movies (known colloquially as ‘Nollywood’) has closed a
funding round of $8 million, led by existing investor Tiger Global, with
further participation from Sweden-based Kinnevik. A new investor to this round
is US-based Rise Capital. This brings the total raised to $21 million, which
makes iROKOtv one of the best well funded internet companies in Africa today.
iROKOtv a Video-on-Demand (VOD) platform for African
content which claims one million monthly users.
To-date, the capital raised has been used to acquire
content, expand the London-based tech team, develop mobile websites and
applications and open offices in London, New York and Johannesburg, alongside
the company’s Lagos headquarters.
iROKOtv now claims to hold the world’s largest online
catalogue of African content, with over 5,000 movies watched in over 178
countries.
The new capital will be used to flip the company’s
audience from a primarily Diaspora base to an African base, as well as
migrating from a largely ad-supported model to subscription service.
Currently, 50% of iROKOtv’s audience is located in the UK
and US.
Clearly the aim here is to become the Netflix for Africa.
Credit: Mike Butcher
Credit: Mike Butcher