Africa Internet Group (AIG), the parent company of leading e-commerce platform in Africa, Jumia, has announced it has secured more than €300 million in funding from new and existing investors.
AIG will use the funds to significantly strengthen its balance sheet, enabling it leverage the significant growth of Jumia, and to capitalize on the significant opportunities in Africa.
“This investment is a recognition of the success that Jumia has already achieved and provides us with a strategic flexibility to further support our efforts to offer the best shopping experience to our customers,” said Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG.
The investment round, which includes the previously announced funding commitment from AXA, a worldwide leader in insurance and asset management, is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs.
“We are delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders. To us, it is a recognition of the quality of our operations across the African continent and an affirmation of the significant growth potential of Jumia,” the co-CEOs added.
Jumia, currently present in 11 African markets, is AIG’s main subsidiary. Its other subsidiary include Kaymu, a leading online shopping community, as well as leading marketplaces in food delivery (Hellofood), travel (Jovago) and leading classifieds operations in real estate (Lamudi), jobs (Everjobs) and cars (Carmudi).
AIG will also use part of the funds to support Jumia’s continued growth, and to execute on attractive development opportunities in Africa along with its other subsidiaries.
“We are impressed by AIG’s pan-African operations and execution capabilities, and believe the combination of strategic partners and management’s demonstrated expertise uniquely position the company’s ecosystem to play a leading role in the development of Africa’s online economy”, said Jules Frebault of Goldman Sachs.
Africa Internet Group, the leading Internet platform in Africa, promotes sustainable online growth that benefits both businesses and consumers. Its subsidiaries are present in more than 30 African countries.