As Its Market Grows, Nigerian E-Commerce Startup Africa Internet Group Raises $83 Million

Money Transfer

Some of Africa’s best funded ecommerce startups just secured more capital. Africa Internet Group (AIG)—which owns online retailer Jumia and 9 other e-ventures—will receive €75 million ($83 million) from Europe’s AXA Insurance in exchange for 8 an percent equity stake.

AIG will use the funds to support all points of its business model aimed at expanding ecommerce services across Africa’s core economies. The investment buys AXA access to AIG’s expanding startup network.

“AXA not only sees this as an opportunity to invest in a company that will bring financial returns, they also see us as a great partner to accelerate distribution of insurance products in Africa,” AIG CEO Sacha Poignonnec told TechCrunch.

“We have a solid ecommerce vertical across things like retail, travel, real estate…and cars. First, we’ll use the investment to strengthen…our existing businesses. Longer term we’ll look at launching new African companies and services and entering new countries.” Poignonnec said AIG would start operating in DRC this year.

Owned by Germany’s Rocket Internet, AIG’s startup network includes online platforms across hotel (Jovago), fashion (Zando), employment (Everjobs), real estate (Lamudi), and transportation (EasyTaxi) services.
Source: TechCrunch 8 February 2016