E-commerce holding company Africa Internet Group (AIG) closed more than €300m ($326m) in funding today in a round co-led by telecommunications firm MTN, e-commerce group Rocket Internet and investment bank Goldman Sachs.
The round also includes the €75m strategic investment by insurance firm AXA last month, provided as part of a strategic alliance that will enable AXA to supply insurance products through AIG’s platforms.
AIG was formed by Rocket Internet in 2012 to group together its Africa-focused e-commerce businesses under a single umbrella.
Companies overseen by AIG include classified listings sites Carmudi, Vendito and Lamudi, jobs listing platform Everjobs, ride sharing company Easy Taxi, food delivery service Hellofood, hotel booking platform Jovago and e-commerce platforms Jumia, Kaymu and Zando.
The funding will be used to capitalise on strategic opportunities in Africa, and to support the growth of Nigeria-based Jumia, AIG’s flagship brand.
Herman Singh, MTN’s chief digital officer, said: “We have been extremely encouraged by our partnership with the Jumia team, who have built the business into one of the leading ecommerce platforms in Africa.
“We believe that Jumia strongly reinforces our digital offering and we will continue to support the company with our knowledge of the market.”