Axa buys into AIG in Euro 75million deal to improve Jovago

Axa is set to 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.

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.

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. ” 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 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.