AIG, parent company of Jovago, secures over € 300M of funding from MTN, Rocket Internet, AXA and Goldman Sachs


Addis Ababa–Ethiopia 4th of March, 2016, Africa Internet Group (“AIG”), the parent company 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 express its gratitude for the outpouring of support from a broad base of investors. There is much too be done and the new investors interest shows the success of Jovago in just two years of establishment.  With the devotion with such great international investors it’s inevitable to succeed and achieve a lot more.” Alexander Burtenshaw, Country Manager of Jovago Ethiopia said.

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.

About Jumia & Africa Internet Group

Jumia (www.jumia.com) is Africa’s leading online shopping destination with a presence in 11 countries. Since launching in 2012, the company has transformed the way that African consumers shop by offering them the opportunity to buy everything from fashion items to consumer electronics to home appliances all online. Jumia is part of a larger ecosystem of companies supported by Africa Internet Group (AIG), the leading internet platform in Africa with a network of companies including Carmudi, Easy Taxi, Everjobs, Hellofood, Jovago, Jumia, Kaymu, Lamudi, Vendito and Zando across 23 African countries.

About Jovago

Jovago.com is an online hotel booking service with offices in Addis Ababa (Ethiopia) Lagos (Nigeria), Nairobi (Kenya), Dakar (Senegal) and in 10 others countries in Africa and Asia, founded by Africa Internet Group. Jovago.com, Africa’s No.1 booking portal, facilitates the booking process for its users to provide them with the best hotel booking experience with fast, transparent and easy-to-use services. Jovago.com has over 25,000 local hotel listings across Africa and over 200,000 hotels around the world.

Source: Jovago


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