Jumia receives LE175m from Summit Partners

Summit Partners will take a stake in Jumia through its German holding company, and Jumia will use the funds for further growth in Africa.

Launched in spring 2012 with the support of Rocket Internet, the European incubator of internet start-ups, Jumia offers the 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).

Further to its existing countries portfolio, Jumia currently plans to expand in additional countries in the coming months.

"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," he added.

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 $15bn 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.