Jumia, an online marketplace with its own logistics and payments network across eight African markets, raised $50M in fresh equity, with the World Bank’s International Finance Corp putting in roughly $25M and top shareholder Axian Telecom among the others taking part, according to Bloomberg. CEO Francis Dufay said the company held the raise to a limited size even with more demand, and will use the money to strengthen its balance sheet and invest in more supply and logistics. Dufay expects Jumia to turn its first profit in the fourth quarter, 15 years after it launched as an attempt at an African Amazon. The company has consolidated warehouses and given up growth-at-any-cost expansion. Its New York-listed shares trade near $6 against a 2021 high above $60, valuing it at $743M.
