The Africa Internet Group (AIG), which owns online retailer, Zando, has just received a massive injection of capital to assist it in launching its cohort of online startups into more African markets.

AXA Insurance made the $83 million (R1.33 billion) investment in return for an 8% equity in the group, which the France-based firm said will help it expand its reach across Africa.

AXA already has a presence in eight countries, offering more consumers insurance products related to their needs.

The cash injection will also help AIG, which has nine other online retailers in different sectors such as hospitality and real estate, launch its services into more of Africa’s key economies and draw up models for credit and fintech services to reach unbanked consumers these markets.

“We have a solid ecommerce vertical across things like retail, travel, real estate…and cars. First, we’ll use the investment to strengthen…our existing businesses. Longer term we’ll look at launching new African companies and services and entering new countries,” AIG CEO Sacha Poignonnec told TechCrunch in an interview.

According to Poignonnec, AXA’s investment into AIG is just the starting point for other investment rounds touted for this year, which could see it passed the $1 billion valuation mark, making the group one of Africa’s valued startup-focused organisations.

[Source – TechCrunch]