Jumia Gets $26 Million In Funding

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Africa’s leading e-commerce site, Jumia, has just raised $26 million from Summit Partners, a $15 billion equity firm that invests in rapidly growing companies. The company is already active in Nigeria, Egypt and Morocco, and says it will use the funds to expand to more countries and strengthen its operations.

The new investment is in addition to the one they received earlier from JP Morgan Asset Management. The terms of this investment are still undisclosed but we know from information that Summit has a history of investing in e-commerce start-ups in emerging markets like the Asian Amazon clone Lazada which it gave the same amount, €20 million in Zando and even $50 million in decor site Westwing.

Managing Director and head of the Summit Partners London office, Scott Collins, said they are always interested in investing in companies around the world with long-term value, and Jumia has established itself as a fast-growing company early on.

 

Source: Techcrunch

Victor Nneji

Tech Fanatic. Enrolled on a Computing for Business course at Aston University, Birmingham. Attended Dowen College Lagos. Nigerian. Follow me on twitter @Vicneji.

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