Africa Business Communities

J.P. Morgan Invests Millions in Africa’s Jumia and Zando

U.S.-based J. P. Morgan Asset Management has injected an undisclosed sum believed to be in the double-digit million dollar range into Jumia and Zando – Africa’s fastest growing online retailer and South African online fashion retailer respectively. These two companies are backed by Rocket Internet, one of the fastest and most successful international online venture builder well known for creating Amazon-style clone in EgyptMorocco, and Nigeria and Zando, its Zappos clone in South Africa.

This investment is been made by J. P. Morgan Asset Management, a leading asset manager for institutions via a German holding company in a cash-for-equity investment.

Both Jumia and Zando were launched earlier this year with the support of Rocket Internet GmbH, the European Incubator of internet start-ups.

Zando has become very popular and is now one of the top five online stores in South Africa.

It will also be recalled that J.P. Morgan recently made investments in the company’s other properties in Europe, Russia, Brazil, South East Asia and Australia.

www.jpmorgan.com

 

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