Africa Internet Group (AIG), the parent of Jumia, the e-commerce platform in Africa, has secured more than EUR 300 million in funding from new and existing investors, including the commitment from insurer Axa that has already been announced. The new round is led by existing investors including MTN and Rocket Internet, as well as new investor Goldman Sachs.
The funds will significantly strengthen the balance sheet of AIG, enabling it to leverage the growth of Jumia and Hellofood and to capitalise on the significant opportunities in Africa. Jumia intends to use the funds to support its continued growth, and to take advantage of attractive development opportunities in Africa along with AIG's other e-commerce platforms.
Jumia, AIG's main subsidiary, is present in eleven African markets. Other activities of AIG include Kaymu, an online shopping community, as well as leading marketplaces in food delivery (Hellofood), travel (Jovago) and classifieds operations in property (Lamudi), recruitment (Everjobs) and cars (Carmudi).
