Investment: Nigeria’s Konga Raise Funds From Naspers and Kinnevik

Nigeria’s e-commerce company, Konga is the latest technology startup to raise funds – a double figure multi-million dollar investment from Naspers and Kinnevik.

This fresh fund will take Konga to breakeven (the point where total cost and total revenue are equal) and allow it to continue improving on customer experience across all its offerings.

“Our latest round of investment from Naspers and Kinnevik follows their previous investments and underlines their ongoing commitment to our business and the Nigerian e-commerce market,” said Shola Adekoya, Konga’s CEO.

He added, “It’s the perfect way to start our fifth year of business and we look forward to benefitting from their continued support and expertise. Of course, neither Naspers nor Kinnevik are strangers to Nigeria, having been long-term investors in the country via successful businesses like Naspers’ MultiChoice.”

South Africa’s Naspers and Sweden’s Kinnevik are the only investors in Konga so far, according to publicly available data. Before 2017, both companies have invested US$78.5 million in the startup between 2012 and 2014.

Launched in 2012, Konga has grown to become Nigeria’s biggest online shopping mall, housing a myriad of products, which are constantly expanding, to serve its customers spread across the country.

 

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