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Scott Collins, MD and head of the Summit Partners London office said Summit was seeking to invest in companies around the world that will bring long-term value hence their venture in Jumia.
“Jumia has established itself as a fast-growing company early on, and we are pleased to partner with its management team,” Collins said.
Commenting on the partnership, Jumia co-founders Raphael Afaedor and Tunde Kehinde said: “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.
“As Nigeria’s no.1 online retailer, Jumia plays big within the Nigerian market, with a vision to being the solution to online retail in sub-Saharan Africa.”
They said that as a place for direct retail shopping online, Jumia implements 24-hour availability, a local and global reach, and the ability to interact and provide custom information and ordering, as well as multimedia prospects.
Web Research siteAlexa.com places Jumia as the fifth largest Nigerian content site, and the founders say their order volumes have increased significantly.
“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,” the founders said.