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InvestmentUncategorized

AIG and Jovago gains a major new investor

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Jovago.com, Africa N° 1 hotel booking website, and Axa, a worldwide leader in Insurance and Asset management, announced today a partnership to develop the expansion of Jovago and a new round of funding to boost its activities in Africa. This would further ensure the expansion of the business to booming markets and the strengthening of the brand in the existing branches of major cities across Africa.

This new major investor confirms Jovago’s strategy to expand its operations and local presence in Africa in order to reach and meet the needs of travelers.

Axa is a world class player which is not only strong financially but also has a huge experience in investing in companies.

Axa will invest Euro 75 million 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. ” said Paul Midy, CEO of Jovago.

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 platform 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. ” said Paul Midy, CEO Jovago. He continues by explaining that “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 Jovago 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 lives 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.


About Jovago

Jovago.com is an online hotel booking service with offices in Lagos (Nigeria), Nairobi (Kenya), Dakar (Senegal) founded by Africa Internet Group and has MTN and Millicom as investors. Jovago.com, Africa’s No.1 booking portal, facilitates the booking process for its users to provide them with the best hotel booking experience with fast, transparent and easy-to-use services.

About Axa

The AXA Group is a worldwide leader in insurance and asset management, with 161,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

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