Kampala Uganda ,09th March 2016– Africa Internet Group (“AIG”), the parent company of Jovago, the leading ecommerce platform in Africa, has secured more than Euro 300 million in funding from new and existing investors, including the previously announced funding commitment from AXA, a worldwide leader in insurance and asset management. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. The funds will significantly strengthen the balance sheet of AIG enabling the company to leverage the significant growth of Jovago and to capitalize on the significant opportunities in Africa.
“This investment is a recognition of the success that AIG has already achieved and provides us with a strategic flexibility to further support our efforts to offer the best shopping experience to our customers,” said SachaPoignonnec and Jeremy Hodara, founders/ co-CEOs of Jovago and AIG. “We are delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders. To us, it is a recognition of the quality of our operations across the African continent and an affirmation of the significant growth potential of AIG.”
Jovago, the leading hotel booking site in Africa, intends to use the funds to support its continued growth, and to execute on attractive development opportunities in Africa along with AIG’s other e-commerce platforms.
“We are pleased to welcome our new investor, Goldman Sachs, which is one of the most prestigious investment banks in the world. This confirms that Africa Internet Group’s growth trajectory is seen as a big opportunity for investors to be part of the booming e-commerce sector in Africa…” – Louis Badea, Country Manager Jovago Uganda
Since its creation in 2013 by AIG and the opening of its first offices in Africa, Jovago has been growing steadily. Its large inventory lists 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to accelerate the innovation of its digital services in the hospitality industry in emerging countries.
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