African B2B e-commerce giant Wasoko marked down to $260M
VNV Global, a Swedish investment firm that backs startups in mobility, health and marketplaces, slashed the value of its holding in Wasoko, an African B2B e-commerce startup, by 48%, according to its annual report for 2023.
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-yearold startup closed a $125 million Series B investment coled 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 told TechCrunch in response to the new development.
“VNV has not reduced its shareholding in Wasoko whatsoever and continues to remain active and supportive of the company, including through our landmark merger with MaxAB. Wasoko is not involved in VNV’s internal reporting but sees VNV’s continued holdings of Wasoko as a clear signal of expected long-term value growth.”
The report from VNV Global, which also backs Blablacar and Gett, preceded the MaxAB merger announcement.