Jumia, an African e-commerce company, raised $35m in funding.
Millicom International Cellular S.A., a global telecommunications group, made a follow-on investment and increase its stake in the company from 20% to 35%.
The company intends to use the proceeds to increase its leadership position in Egypt, Nigeria, Morocco, and Kenya and to expand to new countries.
Led by Co-founders and CEOs Jeremy Hodara and Sacha Poignonnec, Jumia.com offers products in several categories, including apparel, shoes, fashion accessories, electronics, household appliance, toys, and books.
The company was launched in spring 2012 with the support of Rocket Internet. Other shareholders include Millicom International Cellular S.A., Investment AB Kinnevik, J.P. Morgan Asset Management, Summit Partners.