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Nigeria: Africa’s largest Online Retailer

2013/03/10

 Jumia, Africa’s major and fastest-growing e-commerce retailer announced today that it has received an investment of €20 million ($26 million) from leading increase equity investor Summit Partners. Summit Partners, a increase equity firm that invests in rapidly growing companies, will take a stake in Jumia through its German holding company, and Jumia will use the funds to further increase in Africa.

Commenting on the investment , Jumia Africa World CEO’s Jeremy Hodara and Sacha Poignonnec said that the company is excited to be partnered by a “new investor that shares our aspirations for Africa’s e-commerce”

“This investment , which comes on the heels of a previous investment in Jumia by Millicom and JP Morgan Investment Management, allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent,” he added.

Summit Partners has invested in additional than 365 growing businesses across North America, Europe and Asia, and has raised nearly $15 billion since inception. “We seek to invest in companies around the world that build long-term price. Jumia has established itself as a fast-growing company early on, and we are pleased to partner with its management team,” said Scott Collins, a Managing Director and chief of the Summit Partners London office.

Launched in spring 2012, Jumia offers a wide range of products online from fashion apparel and shoes, to beauty and fragrances to general merchandise, inclunding mobile phones, baby & toys, books and home electronics.

The e-commerce company currently runs websites in Nigeria, Egypt and Morocco, with plans to expand in additional nations in the coming months. Jumia was launched with the support of Rocket Internet – the worldwide leading incubator of internet start-ups.

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