Nigerian E-Commerce Start-up Africa Internet Group Raises $83 Million

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Some of Africa’s best funded ecommerce start-ups just secured more capital. Africa Internet Group (AIG)—which owns online retailer Jumia and nine other e-ventures—will receive €75 million ($83 million) from Europe’s AXA Insurance in exchange for eight per cent 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 start-up 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.

Jake Bright Crunch Network Contributor

Source: Tech Crunch

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