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Jumia raises $55 million in new funding round.

Jumia

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Jumia raises $55 million in new funding round.

Jumia group, the umbrella company for all of Africa Internet Group’s companies, have announced the completion a raise to the tune of $55 million from Commonwealth Development Corporation (CDC) according to this report.

In a statement, 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.

The new raise, will enable Jumia to expand into more countries in Africa. Coming right after Kennevik’s report, that shed some light on the state of eCommerce in Nigeria, the move is interesting, to say the least.

 

 

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