AXA, a French-based Insurance and Asset management firm, today announced a partnership to develop the expansion of Jovago and a new round of funding to boost its activities in Africa.
By investing a whooping €75 million, AXA will now own approximately 8 % of the capital of Africa Internet Group, mother company to some of the biggest eCommerce ventures within the continent including Jumia. AXA will be sharing its stake in AIG along with MTN, Rocket Internet and Millicom.
The investment will allow AXA to build on the strength of AIG companies to further develop its activities. AXA will become the exclusive provider of insurance products and services through AIG.
"This transaction confirms AXA's long-term commitment towards the African markets and represents another step in our development on the continent. Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology", said Denis Duverne, Deputy CEO of AXA.
Among other companies in AIG's portfolio are Jovago (online hotels booking), Kaymu (peer-to-peer eCommerce), Hellofood (online food delivery), Lamudi (real estate classifieds) and Carmudi (car retail).
"Going forward", Duverne added, "we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their lives and those of their dependents", added Denis Duverne, Deputy CEO of AXA".
