But, over time, the group has managed to build trust, and now the CEOs predict that, in the same way Africa's shoddy landlines have been supplanted by mobile phones, e-commerce could provide a better alternative to understocked African malls and shops.įrench insurance giant AXA seems to believe they are right: in early 2016, it invested $83 million to get an eight per cent stake in the company, at a valuation of slightly more than $1 billion. The success of Poignonnec and Hodara (both trained in finance) has been all the more remarkable in a continent where payment and logistics challenges have hindered e-commerce. Among AIG's most successful creations are the "Nigerian Amazon" Jumia (currently the largest e-commerce company in Africa, operating in 11 countries), food-delivery service Hellofood, taxi-hailing app Easy Taxi, fashion online store Zando and hotel-booking service Jovago. Founded in 2012 with an investment from Berlin-based Rocket Internet (where Hodara and Poignonnec are managing directors), Africa Internet Group (AIG) has built its success by creating more than 70 companies across 26 countries. French-born Poignonnec and Hodara might go down in history as the CEOs of Africa's first unicorn.
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