With more than a billion people and some of the fastest-growing economies in the world, Africa is on its way to becoming the next China or India in terms of explosive growth and rapid adoption of new technologies. Numerous obstacles have to be overcome before that can happen, so many obstacles that they can seem insurmountable at times, but there’s definitely progress being made. For evidence of this, you need look no further than the Africa Internet Group (AIG), a company that was founded in Africa and has risen to become the continent’s first billion-dollar company in just four years by creating a network of e-commerce services across Africa.
Africa’s very first billion-dollar company isn’t a ride-sharing service, a social media platform, or part of the on-demand industry. Rather, this four-year-old wonder has built its success by helping others, bringing an entire continent into the 21st century. The Africa Internet Group (AIG), founded in 2012, has come a long way since its inception, and currently operates 71 companies across 26 countries in industries extending from online retail to real estate to a P2P lending marketplace. And now, it’s Africa’s first unicorn, and has garnered yet another significant investment from a major company — this time in the form of $85 million from French mobile giant Orange. AIG has maintained a crucial role in shaping Africa’s e-commerce identity in the last several years, with the goal of developing “young African talent in [an] exciting and rapidly growing digital economy.” Hoping to help jump-start the next generation of entrepreneurs, AIG has expanded beyond its roots as the “African Amazon,” now boasting a total of 10 e-commerce sites operating in 23 African nations, all stemming from Nigerian-based Jumia. And given Orange’s influence in the mobile space, another high-potential market in Africa, its investment may help further AIG’s multiple businesses, perhaps by offering reduced or free data to certain customers.
