Jumia Attracts $325 Million From Investors

Africa’s biggest e-commerce company, Jumia, has won $325 million from German, South African, French and U.S. companies interested in one of the world fastest growing e-commerce.

The investment companies are German startup Rocket Internet, South African telecommunications giant MTN, French insurance multinational AXA and U.S. investment bankers Goldman Sachs.

With the investment and a blockbuster 282 percent increase in overall revenues generated in 2015, the value of parent company Africa Internet Group currently stood at about $1.1 billion.

The company founded in Nigeria in 2012 to provide a platform for African businesses to sell and buy products online has expended to over 11 African countries, with activities in 71 companies, operating in 26 countries.

The company which is yet to breakeven said it plans to use the investment to expand into more countries and improve operations.

Rocket Internet CEO Oliver Samwer called Jumia attracts as a proven winner. Jules Frebault, an executive director at Goldman Sachs, said the company is uniquely positioned “to play a leading role in the development of Africa’s online economy.”