E-commerce platforms Jumia, Jovago and several others under the parent firm Africa Internet Group (AIG) have received a Sh30 billion injection for marketing.
Secured from both new and existing investors, including AXA, a global insurance and asset management firm, AIG, the parent company of Jovago and Jumia, will use the funds also pooled from MTN, Rocket Internet as well as Goldman Sachs to market hotel booking site Jovago and online shopping site Jumia.
"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,” said Sacha Poignonnec, co-founder of Jumia and AIG.
“We are therefore delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders."
Jumia and Jovago are 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.
Since its creation in 2013 by AIG and the opening of its first offices in Africa, Jovago has been growing steadily. It has a large inventory of up to 25,000 hotels in over 40 African countries and 200,000 hotels worldwide.
The online hotel booking service with offices in Lagos (Nigeria), Nairobi (Kenya), Dakar (Senegal) and in 10 others countries in Africa and Asia, founded by Africa Internet Group.
Jumia, on the other hand, is one of Africa’s leading online shopping platforms with a presence in 11 countries.