This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs, techcabal.com reports. The funds will strengthen the balance sheet of AIG, enabling the company to leverage the growth of Jumia and to capitalise on the significant opportunities in Africa.
Jumia, an 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. 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, an online shopping community, as well as marketplaces in food delivery (hellofood), travel (Jovago) and classifieds operations in real estate (Lamudi), jobs (Everjobs) and cars (Carmudi).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now