AIG, Parent Company of Jovago, Secures Over €300M of Funding From MTN, Rocket Internet, AXA and Goldman Sachs

Africa Internet Group (“AIG”), the parent of Jumia and Jovago, the leading ecommerce platform in Africa, has secured more than Euro 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 Jovago and to capitalize on the significant opportunities in Africa.

“This investment is a recognition of the success that AIG 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 AIG.”

Jumia and Jovago, the leading ecommerce platforms 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.

“Jovago’s strong performance in the last 2 years makes it one of the fastest growing hotel booking portal in the world and this investment consolidates our commitment to making travel more convenient and affordable for our customers in all Africa” says Paul Midy, CEO of Jovago

Since its creation in 2013 by AIG and the opening of its first offices in Africa, Jovago has been growing steadily. Its large inventory lists 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to accelerate the innovation of its digital services in the hospitality industry in emerging countries.