Summit Brothers, a London-based hedge fund growth equity firm says it will be investing N6 billion in Jumia brand in Nigeria, Egypt and Morocco, with new funds tailored for setting up more ventures across the African sub-region.
The head of Summit Partners, Mr. Scott Collins, in a statement in London said that Jumia has established itself as a fast-growing company, saying that Summit Brothers is pleased to partner with its management team.
According to Collins, “We seek to invest in companies around the world that build long-term value. Jumia has established itself as a fast-growing company earlier on, and we are pleased to partner with its management team.”
Reacting to the development, co-founder of Jumia, Mr. Raphael Afaedor, said: “As Nigeria’s number one online retailer, Jumia plays big within the Nigerian market, with a vision to being the solution to online retail in Sub-Saharan Africa. As a place for direct retail shopping online, we implement 24-hour availability, a local and global reach, with the ability to interact and provide custom information and ordering, as well as multimedia prospects.
Afaedor added: “It is a no brainer for these investors to want to invest in this market, with its growing middle class and an increasing demand for goods. We have risen to become the 5th largest local content site according to web research site, Alexa.com, with our order volumes increased significantly we are the largest e-commerce player in this market.
For Mr. Tunde Kehinde, another Jumia co-founder: “We are excited to be joined by Summit Partners, a new investor that shares our aspirations for Africa’s e-commerce. This investment allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent.
“One can’t help but wonder what the way forward is from here, as even in such short time Jumia Nigeria has not failed to deliver on their service offering. It’s an exciting time for our customers, as this means more assortments of goods in addition to our already vast selection of goods, improved service delivery, and an assurance that one is rest assured that the best hands are always there to provide the best-in-class service”.
http://www.vanguardngr.com/2013/04/summit-brothers-invests-n6bn-in-online-retailer-jumia/
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