Jovago, AIG to invest $84m on operations’ expansion

Jovago, AIG to invest $84m on operations’ expansion

Jovago.com, a hotel booking website, and AXA, a global insurance and asset management have gone into an investment worth $84 million to develop the expansion of Jovago in a new round of funding aimed at boosting its activities in Africa. The agreement would further ensure the expansion of the business and strengthen the brand in major cities across Africa and Asia.

Confirming the development, AXA stated that it was Jovago’s strategy to expand its operations and local presence in Africa in order to meet the needs of domestic and international travellers adding that it will invest £75 million and own approximately eight per cent share capital of AIG, mother company of Jovago. Through this partnership, Jovago will be further consolidated as the company continues its provision of a secure platform to increase the visibility of hotels, improve service quality, facilitate the movement of travellers and promote profitability for their businesses. As a result, AXA will thus become a shareholder of AIG along with MTN, Rocket Internet and Millicom.

“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. Mida pointed out 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 as well as also strategically positions Jovaog and Africa Internet Group to further build e-commerce in the continent. This investment will allow AXA to build on the strength of AIG companies to further develop its activities as the company becomes the exclusive provider of insurance products and services throughout AIG.