Africa Internet Group (AIG), the parent company of e-commerce platform Jumia, has announced that it has been assured of more than €300-million in funding from new and existing investors.

The latest round of investment follows earlier funding commitment from multinational insurance firm AXA. MTN and Rocket Internet as well as a new investor, Goldman Sachs have now thrown their weight behind AIG.

The company says the funds will significantly strengthen its balance sheet and enable it to leverage the significant growth of Jumia and to capitalise on the significant opportunities in Africa.

Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia and AIG, say the investment is a recognition of success that Jumia has already achieved and provides them with a strategic flexibility to support efforts to offer the best shopping experience to customers.

"We are delighted to welcome AXA and Goldman Sachs as new investors and are also grateful for the continued confidence from our existing shareholders. To us, it is a recognition of the quality of our operations across the African continent and an affirmation of the significant growth potential of Jumia."

Herman Singh, MTN Group Chief Digital Officer says the investment came about because the Jumia team has built the business into one of the leading ecommerce platforms on the continent. "We believe that Jumia strongly reinforces our digital offering and we will continue to support the company with our knowledge of the market."

Oliver Samwer, CEO of Rocket Internet says his company has been consistently impressed by the high-quality management team and growth trajectory from their very first investment in Jumia.

"We believe that Jumia is a proven winner and that it will continue to be the leading ecommerce platform in Africa."

Jules Frebault of Goldman Sachs is in agreement with Samwer. He added that they are as impressed by AIG's pan-African operations and execution capabilities.

Jumia currently operates in 11 African markets where it provides the platform for local African businesses to sell products to African consumers. AIG has not revealed what share each of the four investors have invested.