Drone delivery is about to be a thing in more parts of the world, thanks to Zipline’s funding round.

A photo of Zipline’s warehouse
Zipline warehouse

American drone delivery startup company, Zipline Inc, made $250 million from its funding round that involved Fidelity investments, Temasek, and Baillie Gifford.

Zipline stated the demand for its services had surged in countries within Africa and states within the U.S because of its medical supplies delivery to local hospitals.

The COVID-19 pandemic and lockdown prevented the operation of regular delivery, forcing healthcare providers to tilt towards Zipline’s services.

Zipline is currently based in San Francisco, US, but is working towards building warehouses in Nigeria, Africa, and inroads within other states in the U.S.

Zipline currently has a fleet of drones that make deliveries to over 2,500 locations. The company’s goal is to make deliveries to 6,000 locations by the end of 2021.

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Turntide is making big purchases from the proceeds of its recent funding round.

A photo of Turntide’s logo
Turntide’s logo

American electric vehicle company, Turntide Technologies, garnered $225 million from its funding round. Some of the investors who were a part of the funding round include Breakthrough Energy Ventures, Jones Lang LaSalle Inc, and others.

Turntide Technologies channeled the funds that were derived from the funding round into the purchase of three companies: AVID Technology, BorgWarner Gateshead Ltf, and Hyperdrive Innovation’s transport arm.

The CEO of Turntide Technologies, Ryan Morris, explained that the decision to purchase all three companies is aimed towards enhancing the company’s position in the new electric vehicle markets.

Turntide’s technology is to be used in electric cars starting from 2024.

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Two of Nigeria’s most popular digital market spaces are coming together as one.

The Co-Founder of Jiji.ng, Vladimir Mnogoletniy, announced that the company has acquired well known Nigerian automobile trading platform, Cars45.

He revealed that the reason behind Jiji’s purchase of Cars45 is to expand further into the automobile trading industry.

Jiji is also said to be leveraging on Car45’s goodwill to gain the confidence of users in its automobile category as well as its inspection centers to aid the thorough inspection of vehicles.

The two most popular shopping categories on Jiji are real estate and vehicles. A combination of all of Jiji’s entire listing is worth $10 billion.

Cars45 and Jiji are going to be combining their operations in Nigeria, Ghana, and Kenya to foster the smooth transition of the acquisition.

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The world’s largest social media company is now worth $1 trillion.

A photo of the CEO of Facebook, Mark Zuckerberg
CEO of Facebook, Mark Zuckerberg

American social media company, Facebook, hit the $1 trillion market capitalization. This makes Facebook the fifth American company to do this. This was due to the company’s shares trading at $355.64 and recording a 61.2% in profit increment.

Mark Zuckerberg’s net worth has increased to $132 billion following this new development. The founder of Facebook is currently the fifth richest person in the world. He is also the youngest person to be worth over $100 billion.

Facebook was probed by the Federal Trade Commission on the ground of antitrust. Yet, the final verdict was in the company’s favour.

Financial analysts have predicted that Facebook’s shares will surge by more than 20%. This is due to an increase in the number of investors who will be buying its shares.

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South Korea’s Kakao is aiming for something huge with its IPO.

A photo of Kakao’s app on a mobile phone
Kakao’s app on a mobile phone

Kakao Bank is a South Korean money lending company that was founded in 2016 as a subsidiary of Kakao Talk, South Korea’s largest mobile messenger service which had over 46 million users at the time.

Kakao Bank has decided to sell 65.45 million shares at 33,000 to 39,000 won per…

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Business Stance

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.