Africa Internet Group (AIG), founders of Jovago online hotel booking service and AXA, an insurance and asset management company have announced fresh investment totalling $84 million to boost the online hotel services company across Africa.
The new funding is expected to further the expansion of Jovago’s business and strengthen the brand in major cities across Africa and Asia, they said.
According to the hotel booking services, AXA as a major investor confirms Jovago’s strategy to expand its operations and local presence in Africa to meet the needs of domestic and international travellers.
The company will invest £75 million and own approximately 8 percent share capital of AIG, the mother company of Jovago. As a result, AXA will thus become a shareholder of AIG along with MTN, Rocket Internet and Millicom.
Through this partnership, Jovago’s current positions as Africa’s largest inventory of hotels will be further consolidated as the company continues its provision of a secure platform to increase the visibility of hotels, improve service quality, facilitate the movement of travellers and promote profitability for their businesses, they company said.
“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 first plateform for travellers in Africa. 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”, Paul Midy, CEO Jovago said.
According to Midy, “since the funding is well-timed and the amounts invested significant, this makes for one of the top investments in the history of start-ups in Africa. It also strategically positions Jovaog 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 as the company becomes the exclusive provider of insurance products and services throughout AIG.
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