This weekend, online retailer, Jumia, raised a $35 million series B to expand its market in Nigeria, Egypt, and Morocco. The investment came from Millicom, who is located in Africa and South America. Earlier this year, Jumia also raised a $26 million Series A from Summit Partners. In a mere year, Jumia has received $61 million in funding bigger than what Google raised in its first year (1998).


The Next Web

Jumia the leading online retailer in Nigeria, has raised $35 million in fresh funding from Millicom to expand in its domestic market and move into a new 90,000 square foot warehouse located in Lagos.

The company is celebrating its first anniversary today and has served over half a million customers in the country to date. The new milestone means that JUMIA is now the fourth most visited Nigerian website.

“We started with three employees building up an e-commerce platform in Nigeria,” Raphael Afaedor, co-founder of JUMIA said. “Now, we have more than 500 employees and offer Nigerian’s youth great opportunities to work in one of the leading e-commerce companies in Africa.

“JUMIA delivers the widest range of products in the country and our new warehouse allows us to even grow further. We focus every day on delivering a fantastic shopping experience for our customers – fast, secure and stress-free.”

At least 500 employees will be based at the warehouse in Lagos, although it’s not clear if this will consist of new or existing staff. Regardless, the company claims that it will be the largest e-commerce campus in West Africa, which is no small feat.

[url=http://thenextweb.com/africa/2013/06/17/rocket-internets-e-commerce-startup-jumia-raises-35m-as-its-passes-500000-customers-in-nigeria/?utm_medium=Spreadus&utm_campaign=social%20media&uid=ae62f058e49b4d7255610ec158c4e255bfbeeb43&awesm=tnw.to_b0Yvw&utm_sou]SOURCE[/url]


Also,

Venture Beat

Africa doesn’t need Amazon. It has its own rainforests and its own e-commerce giants. Online retailer Jumia has secured $26 million (€20 million) to expand into additional markets in Africa.

Like its American forebear, Jumia sells a wide range of goods at low cost with easy delivery and returns. The retailer is currently active in Nigeria, Egypt, and Morocco and sells clothing, electronics, furniture, books, baby products, cosmetics, home appliances, and even booze. Rather than paying online, shoppers can pay at their doorstep.

Jumia launched about a year ago out of Rocket Internet and quickly grew its customer base. Many of Africa’s e-commerce companies focus their operations in South Africa, where the economy and access to technology is the strongest. However, e-commerce is still a tricky issue in Africa, as payment technology and Internet connectivity are not strong and many consumers don’t have smartphones, computers, or extra money to spend shopping online.

Although Internet and mobile penetration still has a long way to go in Africa, the rates are climbing, particularly in the mobile sector. A growing middle class means more opportunities for business are arising.
Read more at http://venturebeat.com/2013/03/06/amazon-of-africa-jumia-heats-up-with-26m/#37tdKEjPl2Lp6FDA.99

Source

afrca doesnt need amazon or amazon.com aint digging africa?

kambo: afrca doesnt need amazon or amazon.com aint digging africa?

that's crazy. if you don't know stuffs just kip quite. I hate all you pundits that keep on complaining and back-lashing wen you've got nothing to bring to the table nor made any contributions to our mother continent....FYI, Nigeria is the 6th largest market in the world and remember that you are not smarter than the people that poured $60million into Jumia.

Who owns jumia?

hienyimba:

that's crazy. if you don't know stuffs just kip quite. I hate all you pundits that keep on complaining and back-lashing wen you've got nothing to bring to the table nor made any contributions to our mother continent....FYI, Nigeria is the 6th largest market in the world and remember that you are not smarter than the people that poured $60million into Jumia.

"i hate all u pundits..."
stop fuming . Africa doesnt hav the market base to attract some mnc's thts y those niches are filled by copycat clones like .. (i leave tht as an exercise to you).

"6th largest market... " ?
Nigeria is an emerging economy like mexico,argentina etc.
So wat? Theyre other indcators
required to make it attractve 2 an mnc!
Not the empty tout of 6th largest market!

If nigeria were tht hot, amazon wud hav been here same with yahoo and google.

6th largest market with defcient labour force to feed the mnc?
6 largest market wth low unstable power supply?
Indias high pool of low cost highly skilled tech talents feeds microsoft,amazon etc
south afrca too. China same.


$60m na money?
READ UP the kinda stakes world rollers ar talkg about.?

Jumia should take advantage of the "absence" of the big e-commerce like amazon and e-bay and expand fast to win the growing African market. This is a good one for them. The other competitors like Konga have to wake up too.

kambo:



If nigeria were tht hot, amazon wud hav been here same with yahoo and google.

Yahoo and Google have regional offices in Nigeria..

kambo:

$60m na money?
READ UP the kinda stakes world rollers ar talkg about.?

Bet you dont have that kinda money else you wouldn't be living & skooling on Nl. Heck you wouldn't even have the time to reply me posts.

hienyimba:


Yahoo and Google have regional offices in Nigeria..





Bet you dont have that kinda money else you wouldn't be living & skooling on Nl. Heck you wouldn't even have the time to reply me posts.

"yahoo and google have regional offices in nigeria"
I knew you'd say this ,that's Y i optionally didnt mention it.
Microsoft and IBM have too! did u know that!
(microsoft has a presence cuz they want to sell orignal software to
banks and government.)
No serious development is outsourced to nigerian - meaning - nigeria is a clearing office!!
(u dont like this fact!! - )
India isnt a clearing office -serious development gets shipped there.
They have a campus with R n D going on there.
Ibm is here to sell servers to banks .. etc.
They dont ship couchdb creator and co to lagos for nathing!!.

but its a humoring move. read my lips - nigeria dont count in the world of Tech!!
Google and Yahoo dont do or recruit active developers in nigeria.

Their office and presence is more or less to have a toe hold for when Nigeria will emerge
as a serious contender in the african market.
kinda like go ther early .

"I bet u dont have that kind of money"
- stop being childish my guy. I bet all the posters on nairaland including seun dont have half of half of half of that kind of money. doesnt make it significant - think worldwide scope.
But if i had 100 times that- wud i stop programming? no.

Bill gates was still programming as a billonaire-.

fortune 500 (or even 5000) companies, dont call $60M money.

"living and schooling on NL?! "-ha ha ha. if i could learn from this site i'd be happy!!
here dev's hardly reply developer questions!!.


Try this exercise:
when downloading a popular software, look at the mirror sites -
only south africa (shows up and then only minimally )
thats an indication of which countries are I.T hotspots.
Go try to do download apache httpd.

Is kambo beefing nigeria or what? Guy, calm down b4 ur thermometer explodes.

ok @kambo

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