In February 2016, one of the leading e-commerce startups in Africa, Jumia Group (Formerly Africa Internet Group AIG) became the continent’s first “unicorn” after securing an US$326 million fresh round of funding from AXA , The Goldman Sachs Group, Inc. (Goldman Sachs) , and MTN Group , among other investors. The new capital investment valued the company at €938 million (US$1.04 billion). “This is very positive news for Africa’s technology scene. It shows we are entering the global market,” said Herman Chinery-Hesse, a tech entrepreneur from Ghana.

AIG was founded by Sacha Poignonnec (Poignonnec) and Jérémy Hodara (Hodara) in 2012 with an investment from Berlin-based start-up incubator, Rocket Internet . The company boarded on its journey in Africa with a strong belief that the internet could improve people’s lives on the continent. Through its subsidiaries, AIG provided digital services and infrastructure online and via mobile marketplaces and classifieds. Nicknamed the “Amazon.com of Africa,” the group had eleven digital ventures spread out across 26 countries including online retail

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