African hotel booking website Jovago.com has secured investment from AXA, a global investment firm focused on insurance and asset management, to support business development in Africa and bolster the brand.
In a statement to the media AXA says it will invest €75-million and own approximately 8 % of the capital of AIG, the parent 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 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," Midy added. "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.
"This transaction confirms AXA's long-term commitment towards the African markets and represents another step in our development on the continent. 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. Going forward, we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their lives and those of their dependants," added Denis Duverne, Deputy CEO of AXA.
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