Existing shareholders made the investment. Africa Internet Holding GmbH participated in this round with an amount of €108.3m with the remaining €11.7m being provided by other existing shareholders through intermediate holding company BGN Brillant Services.
The company intends to use the funds to strengthen its position as the leading online retailer in Africa.
Started in 2012 and led by Jeremy Hodara, Jumia offers a wide range of products from fashion, consumer electronics, home appliances to beauty products and employs over 1,500 people across 10 countries. It operates in Cameroon, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Uganda, UK, and Tanzania.