JP Morgan Invests in Jumia


It is interesting to hear that Jumia – Africa’s fastest growing e-commerce retailer with operations in Nigeria, Egypt and Morocco – and Zando – #1 fashion retailer online in South Africa- will get investments from J.P. Morgan Asset Management. The investor will take a stake through a German holding company in an all cash-for-equity investment. This was disclosed to us by Uche Ajene,Head marketing at Jumia.

Jumia  which was launched in spring 2012 and offers a wide range of general merchandise categories such as fashion apparel, shoes, electronics, mobile phones, books, toys, beauty products and many more categories. The company currently operates in Nigeria, Egypt and Morocco, with plan to expand in additional countries in the coming months.

Company was launched with the support of Rocket Internet – the European incubator of internet start-ups.

“This investment is a real turning point for Jumia, and e-commerce in Nigeria” said Jumia co-founders and joint-CEO’s Tunde Kehinde & Raphael Afaedor. “With this investment, we will strengthen our current footprint, offering our customers more brands, more categories and more services as well as improving operations; we are among the pioneers of e-commerce in Nigeria and this investment confirms that Nigeria will become a very large market in the very near future.”

J.P. Morgan Asset Management Portfolio Manager Robert Cousin, who worked on the deal from New York, confirmed the transaction, saying, “We are excited to partner with Jumia and Zando as the companies continue to expand their e-commerce presence in Africa.”

We wish them success with their  e-commerce business.

Kenneth Omeruo
Omeruo Ndukaku Kenneth is an Innovation Management expert,the CEO of Emerging Media,a new media company.He is a member of ISPIM - International Society for Professional Innovation Management and the US-Africa chamber of Commerce.He is the Founder of TechTrends Nigeria Blog,Nigeria Innovation Summit and the African Innovation Academy.Kenneth is a highly sought-after Internet Marketing Consultant who has through his seminars, articles, training and consulting, helped many organizations, Individuals, Businesses maximize the Internet for business purposes.Kenneth has also being featured as a guest on the TV show TODAY ON STV Nigeria and on Bloomberg Africa TV.He is the author of the best –selling Internet Book: How To Create Unlimited Internet Wealth. He is a syndicated columnist with the following Newspapers in Nigeria: Daily Independent, Financial Standard, PUNCH, BusinessDay, and Sun.Kenneth organises the EduNet Conference for Universities in Nigeria. Kenneth is a member of Institute of Software Practitioners of Nigeria( ISPON ) Roundtable For Capacity Development in Nigeria,member pre-selection committee for Nigeria at the UN World Summit Awards,a Panelist for Youth Enterprise With Innovation in Nigeria(YouWIN)-a Federal government initiative created by the ministry of finance,supported by ministries of Communications Technology,Youth Development,Worldbank and DFID. A 2013 Judge at the Google Cloud Developers Challenge for Sub Saharan Africa.He has been a contributing editor of Nigeria Communications Week,Africa Telecom and IT Business Magazine,ICT Today magazine,M2 magazine.Kenneth has been invited to the Commonwealth Telecommunications Organisation Forum, Oracle Open World Conference USA, Oracle Cloud World Dubai, and GITEX Dubai. He now lives in New York with his family and presently working on an Open Innovation project for Nigeria. You can contact Kenneth through email: (kenneth (at)techtrendsng.com) Facebook:www.facebook.com/Kenneth.omeruo On Twitter:www.twitter.com/kennethomeruo Skpe:Kenneth.Omeruo

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