Jumia Group: Africa’s First Unicorn

AIG was co-founded in 2012 by two McKinsey & Company consultants Hodara and Poignonnec with funding from Berlin based venture capital firm and start-up incubator Rocket Internet. Rocket Internet’s strategy was to back clones of Silicon Valley startups and then accelerate their growth in Europe, South America, Asia, and Africa. Hodara and Poignonnec were approached by the founders of Rocket Internet, the Samwer brothers, while at McKinsey, to develop the e-commerce business in Africa. Africa’s large market base and the huge opportunity to leverage the internet and use it to connect people and fulfil their daily needs prompted the German investor to invest in the continent. AIG was founded on the basis of a very strong belief that the internet could improve the lives of people in Africa. The company’s mission was to “connect African consumers and entrepreneurs to do better business together”...