Online travel booking company Jovago and Asset management company Axa have today announced a new partnership seeking to develop Jovago’s activities in Africa.
Under this partnership, Axa will invest 75 million Euros and own approximately 8 % of the capital of AIG, mother company of Jovago. As a result, AXA will thus become a shareholder of AIG along with MTN, Rocket Internet and Millicom
“This new wave of funding of 75 million euros will help Jovago achieve the acceleration of its growth and development of its services across Africa in the coming years. ” Paul Midy, CEO of Jovago said.
Jovago’s current positions as African largest inventory of hotels will be further consolidated. Jovago would continue its provision of a secure platform to increase the visibility of even the most remote hotels, improve service quality, facilitate the movement of travelers and promote profitability for their businesses.
“ 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 suppoer of AXA will be key to succeed. ” Paul Midy, CEO Jovago said. “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 acitivities. AXA will become the exclusive provider of insurance products and services through AIG.
“This transaction confirms AXA’s long-term commitment towards the African markets and represents another step in our development on the continent. Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology. Going forward, we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their ives and those of their dependants”, added Denis Duverne, Deputy CEO of AXA.
Since its creation in 2013 and the opening of its first offices in Africa, Jovago has been growing steadily. Its large inventory lists 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to accelerate the innovation of its digital services in the hospitality industry in emerging countries.