Africa Internet Group raises largest VC round in Africa to date
March 04, 2016
Africa Internet Group has closed a €300 million financing led by MTN, Rocket Internet and Goldman Sachs; the round includes a previously announced €75 million commitment from AXA. AIG is the parent of companies such as ecommerce site Jumia, food ordering and delivery service hellofood and jobs portal everjobs. The funding reportedly values the company above $1 billion; it is the largest single financing round provided to an African tech company to date and makes AIG the continent's first unicorn.
U.S. and European investment in Africa has been lagging, to say the least. 2014 saw the most activity of any year by far, with 38 completed deals, double the number closed in 2015. Like the emerging economies currently grabbing VC attention (India, China, Southeast Asia), African markets are finally beginning to see the necessary infrastructure put in place to build modern businesses, though still less than 30% of Africa has reliable access to the web.