The African Internet Group has just received one of its biggest investment ever 50 Million euros was invested in it via money raised from the CDC, UK’s development finance institution. This equity investment has put their total funds till date to around $467 million, and it is said to be used for “improving existing operations and their expansion into new countries”.
The Uk development Fiance institution and the CDC funds raised will be invested in Africa Internet Group ( AIG ) which is the parent company of Jumia one of the largest e-commerce in Africa as well as nine other online consumer businesses operating in 23 countries across the continent.
In their official statement released by the group they noted that CDC’s capital will help AIG and other online consumers businesses improve their existing operations and expand into new countries.
Welcoming the investment, Mark Pay, CDC’s Managing Director, Equity Investments said: “CDC’s investment in AIG means that we’re backing a business that is playing a leading role in Africa’s growing e-commerce market. The investment will help create thousands of jobs and allow many small businesses to access new markets previously closed to them. Smartphone-driven e-commerce will be one of the most important technological and economic trends in Africa in the next decade. More and more Africans can now access the internet, with half the population expected to be online by 2025. We’re pleased to be supporting a company that can be a financial success and make a big difference to the continent’s development.”
Welcoming CDC’s investment, Sacha Poignonnec, Co-CEO of Jumia Group said: “We are very glad to be partnering with CDC. Their proven experience in investing in Africa and their expertise on long-term development will be decisive in building a healthy ecosystem around Jumia, developing and accompanying more and more African businesses and entrepreneurs in this shift towards mobile and online. Today, Jumia already reaches 50 million people every month and there is no doubt CDC will be a crucial partner in extending that reach over the next months and years.”