Wednesday, 10 February 2016

Jovago and AIG gains new major investor in a 75 millions euros funding round

Jovago and AIG gains new major investor in a 75 millions euros funding, Africa N° 1 hotel booking website, and Axa, a worldwide leader in Insurance and Asset management announced today a partnership to develop the expansion of Jovago and a new round of funding to boost its activities in Africa. This would further ensure the expansion of the business to booming markets and the strengthening of the brand in the existing branches of major cities across Africa.  

Accra, Ghana – 8th February, 2016 . This new major investor confirms Jovago’s  strategy to expand its operations and local presence in Africa in order to reach and meet the needs of travelers.   Axa is a world class player which is not only strong financially but also has a huge experience in investing in companies.   Axa will invest Euro 75 million and own approximately 8 % of the capital of AIG, mother company of Jovago. As a result, AXA will thus become a shareholder of AIG along with MTN, Rocket Internet and Millicom.  

“This new wave of funding of 75 million euros will help Jovago achieve the acceleration of its growth and development of its services across Africa in the coming years’’ said Paul Midy, CEO of Jovago.   Jovago’s current positions as African largest inventory of hotels will be further consolidated. Jovago would continue its provision of a secure platform to increase the visibility of even the most remote hotels, improve service quality, facilitate the movement of travelers  and promote profitability for their businesses.  

“ It’s amazing for Jovago to partner with such a strong group as Axa who will allow us to strengthen our 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. ” said Paul Midy, CEO Jovago. He continues by explaining that “since the funding is well-timed and the amounts invested significant, this makes for one of the top investments in the history of start-ups in Africa. It also strategically positions Jovago and Africa Internet Group to further build e-commerce in Africa.”  

This investment will allow AXA to build on the strength of AIG companies to further develop its activities. AXA will become the exclusive provider of insurance products and services through AIG. Read more....


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