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Jumia, which launched in only two years ago in Lagos, Nigeria, has just announced a new round of investments amounting to a fat €120 million (about US$150-million). These investments, which were made by existing shareholders, are said to strengthen the company’s position as the leading online retailer in Africa. With the additional funding, the company is now valued at €445-million.
Backed by the likes of German incubator Rocket Internet and Milicom through Africa Internet Group (formerly Africa Internet Holding) and in partnership with telecom giant MTN, Jumia is now operating in 10 countries including Nigeria, Egypt, Morocco, Kenya, Cote d’Ivoire and Uganda.
Jeremy Hodara, co-CEO of Africa Internet Group said: “We are very pleased to have been given this show of confidence, which acknowledges Jumia’s success. We consider this a recognition of the huge potential of ecommerce in Africa and the strong momentum of Jumia across the continent.”
In 2013, Jumia became the first African company to win an award at the World Online Retail Awards in Paris, where it was celebrated as the “Best New Retail Launch” of the year. NCompeting with the likes of Konga, Jumia boasts to be the largest online shopping company in Africa and is said to have more than doubled the amount of sales processed through its mobile and desktop applications in 2014.
“For us, the key to success is to build trust. Our customers expect the same quality of service as anywhere else in the world. We have built up our own infrastructure to achieve this high level of service. Now, with these new investments, we will continue to grow rapidly and consolidate our leading position,” said Sacha Poignonnec, co-CEO of Africa Internet Group.
“Working with our strategic partners, we have the best possible set-up to accelerate the growth of online businesses in Africa and bring even more exciting ecommerce services to our customers. MTN believes that Africa is better placed to drive the next stage of growth in global ecommerce,” said Pieter Verkade, MTN Group Chief Commercial Officer.