At 15, Catherine C k and her brother Dave, 17, had been flipping through their senior sch l yearb k and created the idea to produce a free of charge interactive variation on line. A budding Web entrepreneur himself, to invest $250,000 and his time to help them launch MyYearb k , a social-networking site, based in Skillman, N.J in 2005, the two convinced their older brother Geoff.
S n after, the C ks merged with Zenhex , an ad-supported website where users publish a number of do-it-yourself quizzes, a lot more than doubling how many eyeballs ingesting their site. But when they tried to expand even further, some snags are hit by them. Potential investors desired to go the companyвЂ™s headquarters to New York (the C ks wanted to stay put); additionally they wished to have advertisements show up on usersвЂ™ individual profile pages (the C ks didnвЂ™t).
Positive thing the C ks stuck for their eyesight. By 2006, MyYearb k had raised $4.1 million through the likes of U.S. Venture Partners and First Round Capital. That exact same 12 months, Nielsen NetRatings ranked MyYearb k one of the top internet sites for young ones between 12 and 17. Also in 2006, MyYearb k signed an agreement with CliffsNotes to begin with providing the study guide aids free for several people.
The company, now with 45 workers, has drawn advertisers such as for instance Neutrogena, Disney and ABC; has exploded to 3 million members global; and rakes in yearly product sales in the вЂњseven figures,вЂќ says Catherine. How exactly to compete in a industry dominated by MySpace and Twitter? Mine a distinct segment. вЂњ[Our web site is] specifically for kids, and now we really listen to the recommendations of our members,вЂќ she says.
Although the C ks decline to go over the value of the stake in the business, one MyYearb k investor (who decided to speak only if unidentified) claims the C ksвЂ™ amount is worth вЂњwell over $1 million.вЂќ
Reported in 2008 february. Source Forbes
on Mark Zuckerberg’s web page (the master of Faceb k ) and composed “congrats Mark you deserve to be remembered in the history b ks, hand and hand with fighters for humanity”. One could expect Mark to say perhaps thank you and share the remark along with his friends being a step of progress, but he did did the irregular by replying him as follow “I surely don’t deserve this contrast.”
How modest are you currently?
JUMIA can be an e-commerce startup having an try to mimic AmazonвЂ™s success by delivering a wide range of items, from toys to generators over the continent that is african. S n after the startup associated with the business in Nigeria, JUMIA established warehouses in four other growing nations which consist of Egypt, Morocco, Kenya and Cote d’Ivoire. In 2013, the company received $35 million in Series B capital from Millicom to add towards its expansion in its domestic market and also the move into a new 90,000 f t that is square positioned in Lagos. JUMIA finished a year that is great 2013 by winning the title of the Best brand New Retail release. In 2014, Jumia extended its services to Uganda enabling people to shop online and have products sent to this region. An egyptian telecommunication company in October 2012, JUMIA Egypt announced its partnership with Mobinil. The partnership agreement is made of four primary rules such as Mobinil providing JUMIA workplaces and staff aided by the latest mobile technology solutions especially tailored because of their business requirements, JUMIA’s provision of Mobinil with products every single associated with 140 retail stores distribute all over Egypt, JUMIA offering services and products of Mobinil with their clients, and JUMIA providing special benefits for Mobinil customers through the use of a commitment program. On 26 August 2013, JUMIA launched a mobile application that enables customers to make purchases in the online store from anywhere. The mobile application provides a collection of 50,000 items. Jumia’s many competitors that are notable Konga in Nigeria and Souq in Egypt. In both nations, all three online stores compete for online shoppers through competitive rates and targeted marketing. This has partly resulted in the launch of price aggregators such as for instance Ya ta to guide users through the increasing quantity of online services and products.
In early 2013, Konga raised a $10 million Series A circular from Investment AB Kinnevik and Naspers. The largest single round raised by a single African startup at the time in Q2 2013, Konga beta-tested ‘Konga Mall,’ opening up the Konga platform to third-party retailers and moving away from a pure first-party online retail model.In late 2013, Konga finalized a $25 million Series B round from previous investors, Investment AB Kinnevik and Naspers. On November 29, 2013, Konga crashed and stayed offline for 45 minutes due to unprecedented traffic stemming from the Ebony Friday promotion. Konga sold more throughout the very first six hours regarding the advertising than it did into the prior thirty days.
Konga officially established its third-party retail platform in 1st 50 % of 2014, rebranding it as ‘Marketplace’ from ‘Konga Mall’; by the end of 2014, Konga’s Marketplace featured 8,000 merchants, beating interior objectives of 1,000 merchants eight-fold. Konga received USD $3.5 million worth of sales during its 2014 Ebony Friday advertising, in comparison to USD $300,000 through the advertising in the year that is previous. Konga apparently expanded 2014 revenue 450% from 2013. In late 2014, Konga finalized a $40 million Series C round from Investment AB Kinnevik and Naspers, the biggest single circular raised with a solitary African startup to date. Despite reports that Naspers acquired 50% of Konga in 2013, publicly-traded Naspers disclosed that its stake in Konga following the 2014 Series C investment had been 40.22% october. Konga was reportedly respected at more or less $200 million as of the Series C.
In January 2015, Konga had been ranked as the most Nigerian that is visited website Alexa Internet. According to CEO Sim Shagaya, Konga “leads the industry in Nigeria today [early 2015] in Gross Merchandise Value,” a metric measuring the sum total value of merchandise offered through a particular market.