Jumia Raises $99.6M in Completed At-The-Market Equity Offering

Jumia Technologies AG, a leading e-commerce platform in Africa, has announced that it has completed its previously announced “at-the-market” (“ATM”) offering of 20,227,736 ADSs.

The ATM generated aggregate gross proceeds before commissions and offering expenses of $99.6 million. Jumia intends to use the proceeds for general corporate purposes, as well as to help to support its continued efforts around customer acquisition, expand its supplier base, scale its logistics network and improve marketing and vendor technology.

We are pleased to announce the successful completion of this equity offering. Raising $99.6 million in gross proceeds provides Jumia with additional capital to further strengthen our balance sheet and help us to accelerate our growth trajectory as we progress along our path to profitability.

Francis Dufay, CEO, Jumia

On August 6, 2024, Jumia filed a prospectus supplement with the Securities and Exchange Commission for the sale of 20,227,736 ADSs through an “at-the-market” offering with RBC Capital Markets, LLC and Berenberg Capital Markets LLC as the Company’s agents.