Malaysia: Frontier Digital Ventures buys 3 online classified portals from Africa’s Jumia

Frontier CEO and founder Shaun Di Gregorio

Malaysia-based and Australia-listed Frontier Digital Ventures has acquired three online property classified portals from Africa’s Jumia in exchange for the former’s classified horizontal platform in West Africa, Afribaba.

Jumia’s portals are existing competitors to Frontier’s current investments in Ghana (meQasa), Nigeria (ToLet) and Angola (AngoCasa).

Under the agreement, Frontier will acquire Jumia’s 100 per cent interests in Jumia House Ghana, Jumia House Nigeria, and Jumia House Angola. With this, it will have market leadership in these three markets, it said in a statement.

Frontier CEO and founder Shaun Di Gregorio said the deal demonstrates the strength of the company’s entrepreneur-led online classifieds model, which provides a significant advantage over competitors which are fully owned and operated remotely by major online classifieds groups.

Jumia had expressed significant interest in acquiring Afribaba, Frontier Digital Ventures said in a statement.

“This transaction was a rare opportunity in the online classifieds space, and we are pleased that Jumia, a major African classifieds investor, reached out to Frontier with a strong desire to acquire Afribaba and complete this transaction,” Di Gregorio said.

“The ultimate result for Frontier shareholders is that we have exited Afribaba and created three new market leaders in property verticals in Ghana, Nigeria and Angola. Our businesses are now in a significantly improved position to commence rapid monetisation,” he added.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.