One of the largest e-commerce companies on the continent with a valuation of about $1.1 billion Africa Internet Group (AIG) has raised $245 million in one of the largest fundraising rounds by an African-focused tech firm.
The funding which was announced on 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.
“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,” Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG, said in a statement.
Other e-commerce startups owned by AIG include travel website Jovago, classified real estate site Kaymu, as well as food delivery startup Hellofood.
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.
AIG has grown to create 71 different companies across 26 African countries including Algeria, Cameroon, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Senegal, Tanzania, and Uganda.
“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,” said Jules Frebault of Goldman Sachs.