African B2B e-commerce giant Wasoko marked down to $260M after VC halves stake [TechCrunch]
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Source: TechCrunch
In its annual report , VNV set Wasoko's fair value at around $260 million as of December 2023, the month that Wasoko announced its planned merger with its Egyptian counterpart, MaxAB. The valuation is based on VNV's 4.2% stake in the startup, which VNV values at $10.9 million. This is not VNV's first markdown for Wasoko. In Q4 2022, it valued Wasoko at $501 million, just months after the eight-year-old startup closed a $125 million Series B investment co-led by Tiger Global and Avenir at a $625 million valuation. That round was complicated for other reasons, too: Wasoko disclosed to TechCrunch in December 2023 that it received only $113 million of the total funding raised in that round. VNV Global invested $20 million in that funding round. VNV Global attributes its fair value estimate to a valuation model based on trading multiples of public peers rather than historical funding rounds. “Wasoko is proud to have VNV Global as one of our major investors,” the Tiger-backed company
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