Pan-African promotional website AfriTree.com reports that jovago.com, a site intent on “breaking down barriers to travel in Africa” has received a €75m investment from French multinational insurance firm AXA in a move described as “one of the top investments in the history of start-ups in Africa”.
Jovago.com, a leading hotel booking website, announced the partnership with AXA to develop the expansion of Jovago to boost its activities in Africa. This would further ensure the expansion of the business to developing markets and strengthen their brand in major cities across Africa.
AfriTree.com quotes IT News Africa saying Axa will invest €75-million and own approximately 8% of the capital of AIG (Africa Internet Group), the mother company of Jovago. As a result of the deal AXA will become a shareholder of AIG along with MTN, Rocket Internet and Millicom.
According to Paul Midy, CEO of Jovago the deal will allow them to strengthen their ability to build the first platform for travellers in Africa. “Jovago wants to break the barriers to travel and make travel more easy and affordable in Africa. The support of AXA will be key to succeed… This makes for one of the top investments in the history of start-ups in Africa. It also strategically positions Jovaog and Africa Internet Group to further build e-commerce in Africa.”
Denis Duverne, Deputy CEO of AXA says the transaction confirms AXA’s long-term commitment towards African markets. “Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology… We aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their ives and those of their dependants.”
