IPO? Wait, what? Isn’t $30m a Growth Round?

Stepped out of the game

IROKO hasn't completed a priced fund raise since 2016. That's 5 whole years. It was only when a journalist was asking me the other day about down rounds that I actually realised that. We've borrowed N500m ($1.6m) in Bank of Industry loans and paid that back within 13 months, completed a short term convertible note of $3m, and paid back $2m of that within a year (the remaining $1m converted). Since our January 2016 raise, we have structured tens of millions in profitable content deals, sold an in-house incubated company and have actually returned $11m+ to shareholders in secondaries (our angel investors) and special dividends (shareholders), which has enabled us, whilst many have died, to build one of the largest paid content services in Africa. Phew. Breath, Jason breath. So in a nutshell, we have been a little busy.

IROKO's culture is to alway Be Bold. That requires big risks of failure. The norm these days is to raise and raise and raise hundreds o...

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