Jumia, Africa’s largest and fastest-growing e-commerce retailer announced today that it has received an investment of €20 million ($26 million) from leading growth equity investor Summit Partners.

Summit Partners, a growth equity firm that invests in rapidly growing companies, will take a stake in Jumia through its German holding company, and Jumia will use the funds to further growth in Africa.

Commenting on the investment, Jumia Africa Global CEO’s Jeremy Hodara and Sacha Poignonnec said that the company is excited to be partnered by a “new investor that shares our aspirations for Africa’s e-commerce”

“This investment, which comes on the heels of a previous investment in Jumia by Millicom and JP Morgan Asset Management, allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent,” he added.

Summit Partners has invested in more than 365 growing businesses across North America, Europe and Asia, and has raised nearly $15 billion since inception. “We seek to invest in companies around the world that build long-term value. Jumia has established itself as a fast-growing company early on, and we are pleased to partner with its management team,” said Scott Collins, a Managing Director and head of the Summit Partners London office.

Launched in spring 2012, Jumia offers a wide range of products online from fashion apparel and shoes, to beauty and fragrances to general merchandise, including mobile phones, baby & toys, books and home electronics.

The e-commerce company currently runs websites in Nigeria, Egypt and Morocco, with plans to expand in additional countries in the coming months. Jumia was launched with the support of Rocket Internet – the worldwide leading incubator of internet start-ups.