Jumia, Nigeria’s largest e-commerce retailer, receives 20m Euros funding from Summit Partners

Jumia, Africa’s largest and fastest-growing e-commerce retailer with websites in Nigeria and in 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 rapidl 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.

culled from http://businessnews.com.ng