Africa's largest e-tailer Jumia receives €120m investment

The latest financing round brings Jumia's valuation from €212.5m to €445m

Africa's largest e-commerce company, Jumia, has received €120m following a new round of investments.

The investments were made by the company's existing shareholders and bring Jumia's post-money valuation up from €212.5m to €445m.

Jumia sells a range of consumer products including health and beauty products. Beauty brands on offer include Khuraira, Maybelline, House of Tara, Elf and Sacred Beauty, among many others. It also retails fragrances.

Jeremy Hodara, Co-CEO of Africa Internet Group (AIG), which develops internet businesses on the African continent and is Jumia's partner, said: “We are very pleased to have been given this show of confidence, which acknowledges Jumia's success. We consider this a recognition of the huge potential of e-commerce in Africa and the strong momentum of Jumia across the continent.”

Jumia started business in a garage in Lagos, Nigeria, in 2012, but has grown into a successful business with its own logistics infrastructure – an entire warehouse near the city (pictured) – as well as its own fleet of delivery drivers that can deliver products within a day. As a sign of just how well the retailer is doing, it has more than doubled the amount of sales processed through its mobile and desktop applications in 2014.

In 2013, Jumia became the first African company to win an award at the World Online Retail Awards in Paris when it scooped the Best New Retail Launch of the year.

Jumia employs over 1,500 people across ten countries.