Jovago Gets $84m Investment Boost

Chinazor Megbolu

In a move aimed at boosting its activities in Africa, Jovago. com, a foremost hotel booking website and AXA, a worldwide leader in insurance and asset management have announced a partnership to develop the expansion of Jovago in a new round of $84 million funding.

The companies said in a statement that the partnership would further ensure the expansion of the business and strengthen the brand in major cities across Africa and Asia.

It also stated that AXA as a major investor, confirms Jovago’s strategy to expand its operations and local presence in Africa in order to meet the needs of domestic and international travelers.

‘’The world class player, will invest £75 million and own approximately eight per cent share capital of Africa Internet Group (AIG), mother company of Jovago. As a result, AXA will thus become a shareholder of AIG, along with MTN, Rocket Internet and Millicom,” they noted in the statement.

The Chief Executive Officer, Jovago, Mr. Paul Midy explained that through this partnership, its current positions as Africa’s largest inventory of hotels 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 travelers and promote profitability for their businesses.

“It’s amazing for Jovago to partner such a strong group as AXA who will allow us to strengthen our ability to build the first platform for travelers in Africa. Jovago wants to break the barriers to travel and make travel more easy and affordable in Africa, ” he said.

He added that since the funding is well timed and the amount invested significant, which makes for one of the top investments in the history of start-ups in Africa and also to strategically positions Jovago and AIG to further build e-commerce in Africa.

“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, “he said.

Meanwhile, the Deputy Chief Executive Officer, AXA, Mr. Denis Duverne pointed out this transaction confirms AXA’s long-term commitment towards the African markets and represents another step in their development on the continent and adding that Africa is home to some of the most dynamic and promising insurance markets in the world.

He said: “Our partnership with AIG 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 wellbeing throughout their lives and those of their dependents.”

Alternative rap artiste, Remilekun Safaru, popularly known as Reminisce has signed a contract with Guinness Nigeria to renew his endorsement deal as ambassador for Orijin Bitters brand.

Speaking at the event in Lagos, Portfolio Director, Lager and RTD, Guinness Nigeria Plc, Ms. Eyitemi Taire, said:“The music artist had within his short stay as Orijin brand ambassador distinguished himself and become an integral part of the brand.

According to Taire, the company recognizes the importance and impact of a dynamic brand ambassador in maintaining its leadership position in the market.

“Origin has been successful since its launch into the market and to compound this success and take us to the next level, we needed an icon and that’s why we took him and we have been working together since then in a symbiotic relationship,” he said.

She added that Reminisce is not just a brand ambassador but an integral part of the brand and that’s why the brewing giant is renewing his contract for another two years.

She said the choice of Reminisce is in line with what origin stands for. She noted that Orijin comes from a special blend of the old with the new, the traditional with the modern and these same qualities are epitomized by Reminisce, whose quality and depth of work as an artist makes him a perfect fit as brand ambassador. “He raps in local language and for us there is nobody else in that niche.”

She said the company is confident that with Reminisce the brand will continue to