Jumia, Africa’s largest and fastest-growing e-commerce retailer with websites in Kenya, Nigeria, Egypt and Morocco, announced today that it has received an investment of €20 million from leading growth equity investor Summit Partners. Summit Partners will take a stake in Jumia through its German holding company, and Jumia will use the funds to further growth in Africa.
“We are excited to be joined by Summit Partners, a new investor that shares our aspirations for Africa’s e-commerce,“ commented Jumia Africa Global CEO’s Jeremy Hodara and Sacha Poignonnec. “This investment, which comes on the heels of a previous investment in Jumia by Millicom and JP Morgan Asset Management, allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent.”
Founded in 1984, Summit is a leader in growth equity and credit investing for rapidly growing companies. Summit Partners has invested in more than 365 growing businesses across North America, Europe and Asia, and has raised nearly US$15 billion since inception. “We seek to invest in companies around the world that build long-term value. Jumia has established itself as a fast-growing company early on, and we are pleased to partner with its management team,” said Scott Collins, a Managing Director and head of the Summit Partners London office.
Launched in spring 2012, Jumia (www.jumia.com) offers Africa’s widest choice of products online from fashion apparel and shoes, to beauty and fragrances to general merchandise, including mobile phones, baby & toys, books and home electronics. Jumia currently runs websites in Nigeria, Egypt and Morocco, with plans to expand in additional countries in the coming months. Jumia was launched with the support of Rocket Internet – the worldwide leading incubator of internet start-ups.
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 365 companies globally in technology, healthcare and other growth industries. These companies have completed 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Menlo Park, London and Mumbai.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.