Leading E-Commerce Retailer, Jumia Raises $26 Million From Summit Partners

Raphael Afaedor and Tunde Kehinde

Jumia, arguably, Africa’s largest e-commerce retailer has received $26 million (USD) in funding from Summit Partners, a $15 billion growth equity firm that invests in rapidly growing companies.

The terms of the deal were undisclosed, but Summit Partners will take a stake in Jumia through its German holding company, while Jumia will use the funds to accelerate its growth in Africa.

The online retailer plans to use the new funding to offer new categories of products, strengthen its operations, deliver to its customers even faster, and recruit the best talent, according to Jumia Africa Global CEO’s Jeremy Hodara and Sacha Poignonnec in a statement.

Last October, Jumia received an undisclosed amount of funding from Millicom and JP Morgan Asset Management.

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