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Jovago and AIG gains a major new investor in a 75 million Euro funding round

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Jovago.com announced a partnership with AXA, a worldwide leader in insurance and asset management. This move will support the expansion of Jovago and Africa Internet Group (AIG) with new round of funding boosting its activities in Africa. This development will support the growth of the business in new markets and strengthen the brand’s existing branches operating in major cities across Africa.

DAR ES SALAAM, TANZANIA – The 9th of February, 2016. A major investment by AXA supports Jovago’s strategy to expand its operations and local presence in Africa to meet the needs of travelers across the continent. AXA is a world-class corporation which both financially impressive but also has significant experience in investing into companies. It will invest 75 million euros and own approximately 8 % of the capital of AIG, Mother Company of Jovago. 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 Africa’s largest inventory of hotels will be further consolidated. The company will continue to provide a secure platform to increase the visibility of even the most remote hotels; Improve online booking services; facilitate the increase in the movement of travelers; and grow their business while increasing the profitability of the hospitality industry.

“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 leading platform for travelers in Africa. Jovago wants to break the barriers to travel, making it more easy and affordable in Africa. The support of AXA will help us achieve this aim” said Mr Midy. He further explained, “This is a well-timed and significant investment for this rising African enterprise. It also strategically positions Jovago and Africa Internet Group to further build e-commerce in Africa.”

In addition, Denis Duverne, the Deputy CEO of AXA added that “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".

On other hand, the news was warmly welcomed Jovago’s Tanzania local representative, Mr Andrea Guzzoni who remarked, “This great news positively impacts Jovago’s work to increase its footprint in the Tanzanian market. We have already enjoyed great success in this country which is one of Africa’s most important tourism destinations.”

Since its creation in 2013 with the opening of its first offices in Africa, Jovago has enjoyed steady growth. Its online inventory lists 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to accelerate the innovation of its digital services in the hospitality industry across Africa and beyond.

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