Africa’s leading e-commerce platform, Jumia, has obtained fresh investments amounting to €120 million ($150 million) from existing shareholders. The newly secured funds will provide critical capital needed to finance expansion and core business growth thereby enhancing its position as the leading e-commerce site in Africa.

Jumia is already active in Nigeria, Kenya, Egypt and Morocco and six other African countries

“We are very pleased to have been given this show of confidence, which acknowledges JUMIA’s success. We consider this recognition of the huge potential of e-commerce in Africa and the strong momentum of JUMIA across the continent,” said Jeremy Hodara, Co-CEO of parent company, Africa Internet Group.

Launched in 2012 in Nigeria, Jumia, a subsidiary of Africa Internet Group (AIG), started out in a garage in Lagos, the country’s commercial capital and most populous city. The online retailer has since grown to become the largest ecommerce platform on Africa, with presence across several key markets across Africa.

“For us, the key to success is to build trust. Our customers expect the same quality of service as anywhere else in the world. We have built up our own infrastructure to achieve this high level of service. Now, with these new investments, we will continue to grow rapidly and consolidate our leading position,” said Sacha Poignonnec, co-CEO of Africa Internet Group.