Africa’s leading e-commerce platform Jumia, popularly refered to as the Amazon of Africa says
it has won funding of more than $325 million from French, German, South African
and U.S. companies eager to invest in one of the continent’s fastest-growing
online economies.
Parent company Africa Internet Group said the
investment boosts its value to nearly $1.1 billion.
The investment announced Thursday comes from
U.S. investment bankers Goldman Sachs, French insurance multinational AXA,
German startup Rocket Internet and a long-time backer, South African
telecommunications giant MTN.
Jumia was founded in Nigeria in 2012 to provide
a platform for local African businesses to sell products online. It has
expanded to 11 African countries while Africa Internet Group’s activities have
grown to include online taxis, travel, real estate, and job and food delivery
marketplaces.
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