Rocket Internet-backed Jumia is in the money after the Africa-based e-commerce company announced it has raised 120 million euros ($150 million) in new funding. The company confirmed that the round values it at 445 million euros ($555 million).
Jumia has modified its business to fit with emerging markets, for example, it offers cash-on-delivery for payments and made a big push around its Android app, to take advantage of Africa’s top smartphone platform.
Rocket Internet, which listed on Germany’s Frankfurt stock exchange, is consolidating five of its emerging market e-commerce businesses into one mega-organization, called the Global Fashion Group, but Jumia is not part of that initiative.
Jumia previously raised $26 million in March and this latest round values it at more than $550 million.