Africa Internet group gets $84 million in New Investment

AIG

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[/blockquote]Africa Internet group (AIG), a leading e-commerce group in Africa and AXA, a worldwide leader in insurance and asset management, this week announced a partnership whereby AXA will become a shareholder of AIG, along with MTN, Rocket internet and Milicom. AXA will also provide custom-made insurance products through AIG’s Jumia, and reach other e-commerce customer base through AIG’s ecosystem of marketplaces and classified services.

AXA will invest 84 million dollars and own approximately 8% of the capital of AIG. Completion of the transaction is subject to customary closing conditions, including the closing of the previous investment round and is expected to take place in the first quarter of 2016.

Ron kawamara, Managing Director of Hellofood Uganda, said: “This new investment is testament to the remarkable products and services AIG businesses such as hellofood have offered to their customers and partners in the last few years. Investors are rightfully showing great confidence in the businesses and the teams that are leading the online revolution across Africa. We are pleased to have a strong international brand like AXA backing us and it gives more impetus to continue to build a strong customer experience and growth our investors and partners expect”.

Denis Duverne, deputy CEO of AXA, said: “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. Going forward we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their lives and those of their dependants.”

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