Nigeria-based online shopping portal Konga has secured a series C round sized between $40m and $50m led by existing investor Naspers, a South Africa-based internet services provider, Ventureburn has reported.
The rounnd alo featured Sweden-based investment firm Kinnevik, which invested $25m in Konga’s series B round, also backed by Naspers, at the end of last year.
Konga previously raised $3.5m in a 2012 seed round from Kinnevik and $10m in a 2013 series A round backed by Naspers and Kinnevik, Techcabal has reported.
Naspers held a 50% stake in Konga as of March 2013, according to Ventures Africa,
Sim Shagaya, chief executive of Konga, said: “We are hoping to expand our engineering team. We are also looking to build out a dedicated logistics and fulfilment platform to help us deliver as well as accommodate merchants from the whole of Nigeria. Finally, some investment in core retail inventory is on the cards.”