Jumia's parent company just secured €225 million in new funding round

folarin okunola

March 3, 2016 12:43 PM

This round of investment is led by existing investors MTN and Rocket Internet as well as a new investor, investment bank Goldman Sachs.

Africa Internet Group

Africa Internet Group (AIG), parent company of Jumia, has secured €225 million in funding from new and existing investors, according to statement from the company. This investment, along with the previously announced €75 million funding from AXA, gives the company a valuation of about €1.005bn post investment.

This round of investment is led by existing investors MTN and Rocket Internet as well as a new investor, investment bank Goldman Sachs.

“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, according to Innovation Village. “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.”

“We have been extremely encouraged by our partnership with the Jumia team, who have built the business into one of the leading ecommerce platforms in Africa,” said Herman Singh, MTN Group Chief Digital Officer. “We believe that Jumia strongly reinforces our digital offering and we will continue to support the company with our knowledge of the market.”

“From the very first investment in Jumia, we have been consistently impressed by both the high-quality management team and growth trajectory. We believe that Jumia is a proven winner and that it will continue to be the leading ecommerce platform in Africa,” said Oliver Samwer, CEO of Rocket Internet.

“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,” added Jules Frebault of Goldman Sachs.

Jumia, AIG’s main subsidiary, is currently present in 11 African markets. Other AIG subsidiaries include Kaymu, an online shopping community, as well as Hellofood, Jovago, Lamudi, Everjobs, and Carmudi.

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