Jumia.com, one of Africa’s fastest growing e-commerce retailers, announced today an investment by J.P. Morgan Asset Management. The investment will go towards strengthening Jumia’s current footprint, improving operations, and offering more brands, more categories and more services according to Head of Public Relations Lamis Dessouky. J.P. Morgan Asset Management also announced that it has invested in Zando, a leading online fashion retailer in South Africa.
Jumia, which launched in Egypt in the spring of 2012 with the support of the leading e-commerce ventures incubator Rocket Internet, currently operates in Egypt, Morocco and Nigeria, and plans to expand in additional countries in the coming months. The site offers a wide range of general merchandize categories including fashion apparel, shoes, electronics, mobile phones, books, toys and beauty products. “This investment confirms that Egypt will become a very large market in the very near future,” explains Lamis.
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