Africa Internet Group, parent of Jumia the leading ecommerce platform in Africa, secures over $325,815,000 of funding from MTN, Rocket Internet, AXA and Goldman Sachs
Africa Internet Group (“AIG”), the parent of Jumia, the leading ecommerce platform in Africa, has secured more than $300 million in funding from new and existing investors, including the previously announced funding commitment from AXA, a worldwide leader in insurance and asset management. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. The funds will significantly strengthen the balance sheet of AIG enabling the company to leverage the significant growth of Jumia and Hellofood 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. “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.”
Jumia, the leading ecommerce platform in Africa, intends to use the funds to support its continued growth, and to execute on attractive development opportunities in Africa along with AIG’s other ecommerce platforms.
Parinaz Firozi, MD, Jumia Kenya commented, “Kenya stands to benefit significantly from this funding in the areas of job creation, entrepreneurship and increased innovation. We also aim to expand our strong presence in the country.
Jumia, AIG’s main subsidiary, currently present in 11 African markets, provides the platform for local African businesses to sell products to the fast-growing base of African consumers in particular to the rapidly emerging middle class. Other activities of AIG 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)