UK development finance provider CDC Group has invested €50m ($55m) in Africa Internet Group (AIG), the Nigeria-based holding entity for several of e-commerce group Rocket Internet’s African vehicles.
AIG operates 10 companies buts its flagship brand is Nigeria-based e-commerce firm Jumia. It has now raised more than $465m in funding this year, most recently closing an $85m investment from telecommunications firm Orange in April.
Telecom company MTN had led a $326m round the month before that also featured Rocket Internet, insurance firm AXA and investment bank Goldman Sachs. CDC’s funding will support AIG’s expansion into additional African markets and the strengthening of its existing operations.
Sacha Poignonnec, Co-CEO of Jumia Group said: “We are very glad to be partnering with CDC. Their proven experience in investing in Africa and their expertise on long-term development will be decisive in building a healthy ecosystem around Jumia, developing and accompanying more and more African businesses and entrepreneurs in this shift towards mobile and online.
Today, Jumia already reaches 50 million people every month and there is no doubt CDC will be a crucial partner in extending that reach over the next months and years.”