How Africa Internet Group Became Africa’s First Venture Capital-Backed Business to Be Valued at $1 Billion
Monday, February 15, 2016
Africa Internet Group (AIG), parent company to e-commerce brands like Jumia and Jovago, has become Africa’s first venture capital-backed business to be valued at $1 billion dollars after an $83 million investment from insurance company AXA for an 8% stake.
But what is especially noteworthy is the timing of the funding. AIG, which is controlled by German investment firm Rocket Internet, has seen its various companies going through a period of layoffs and management firings in the last few months in the run-up to this investment.