LAGOS, Nigeria – Africa’s leading e-commerce platform Jumia 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.