French telecommunications company Orange is to invest 75 million euro ($85 million) in Nigerian e-commerce group Africa Internet Group (AIG) and become a shareholder, the two companies said on Tuesday.
Africa Internet Group (AIG) has secured €225 million ($245 million) in funding from investors including US bank Goldman Sachs, South African telecoms giant MTN and German startup incubator Rocket Internet.
French insurance giant AXA announced today it is investing €75-million to take a 8% stake in Africa Internet Group (AIG), one of the continent’s largest e-commerce operations.
Rocket Internet-backed Jumia is in the money today, after the Africa-based e-commerce company announced it has raised €120 million ($150 million) in new funding.
Online retailer Jumia, a would-be African Amazon set up by German venture capital firm Rocket Internet, is expanding into three new markets – Uganda, Ghana and Cameroon, the company said on Monday.
Money sent home by Nigeria’s emigrant workers traditionally covers basic expenses like housing, education and medicine.