Rocket-Internet Backed African Online Retailer Jumia Raises USD 150M


Rocket-Internet backed Africa’s online shopping destination, Jumia has raised USD 150 million at valuation of USD 555 million. Back in March last year, the company had secured USD 26 million from Summit Partners. JUMIA is part of Africa Internet Group, delivering a range of products from fashion to electronics and employs over 1,500 people across 10 countries. AIG is a joint venture between Rocket Internet, MTN and Latin American conglomerate Millicom (Tigo).

With these new investments, we will continue to grow rapidly and consolidate our leading position,” said Sacha Poignonnec, co-CEO of Africa Internet Group.

JUMIA is an e-commerce company in Africa and than has more than doubled the amount of sales processed through its mobile and desktop applications in 2014. The company was founded in 2012 currently operates in Cameroon, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Uganda, UK, and Tanzania. With its marketplace platform for third-party merchants, the firm is offering an entry point for many international brands who are looking to enter or grow their presence on the African continent.

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Back in 2013, Jumia’s website received around 150,000 daily unique visitors, with a registered user base of 750,000. Last month, Rocket Internet was listed on Germany’s Frankfurt stock exchange, and has consolidated its five emerging market e-commerce businesses, including Jabong, into one mega-organization, called the Global Fashion Group (GFG), but Jumia is not included in that initiative.