Jumia, which claims to be Africa's largest e-commerce company, is now worth $555m after closing a MTN, Millicom and Rocket Internet-backed series C round.
Nigeria-based e-commerce company Jumia raised €120m ($150m) in series C funding on Tuesday, with parent company Africa Internet Group (AIG) contributing $135m of the total.
AIG is a partnership between mobile phone networks MTN and Millicom International Cellular, and corporate-backed venture firm and incubator Rocket Internet. Rocket Internet increased its stake in Jumia from 26.9% to 28.7% through the round.
The rest of the cash came from Jumia’s existing shareholders, which include venture capital firm Summit Partners. They invested the…
