Jumia, African E-commerce Company Raises Almost $100 Million

In a recent secondary share sale, Africa based Jumia has raised $99.6 million. The company had intended to sell 20 million shares at $5.70 a piece. However, the shares were finally sold at $4.92 each, raising a total of $99.6 million. In a written statement, the company’s CEO, Francis Dufay said the raised funds will “strengthen our balance sheet and help us accelerate our growth trajectory as we progress along our path to profitability”. It is also worth noting that in 2021, the company had raised $600 million in a separate share sale.

Jumia was founded in 2012 in Lagos, Nigeria and offers e-commerce, retail and payment services.