Rocket Internet Capital Partners (RICP), the venture arm of the Rocket Internet Group, has closed a US$1 billion funding round dedicated to early stage and growth equity investments in the global internet sector.

Rocket Internet has contributed approximately 14% of the overall commitment, with the rest coming from a diverse group of global investors. The fund seeks to invest in key focus areas of the Internet sector including marketplaces, e-commerce ventures, financial technology, software and travel.

RICP having reached the hard cap of US$1 billion shows the strong interest of leading investors, who share the enthusiasm for the attractive investment opportunity RICP presents. Oliver Samwer, Rocket Internet CEO.

With 36,000 employees and operations in 110 countries, Rocket Internet, whose Jumia brand has a presence in seven African countries, focuses on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending - food & groceries, fashion, general merchandise, and home & living.

In addition to access to significant financial capital, RICP is leveraging on Rocket Internet's sector know-how, regional and operational expertise as well as its deep network, global reach and access to portfolio companies.

The funding will likely be used to shore up Rocket Internet's businesses, which in the past have shown high burn rates, especially in African markets. 2016 saw the closure of some of AIG's flagship brands, as well as the consolidation of its different ventures under the Jumia brand name, and while the aggressive acquisition strategy appears to have been shelved, it appears that AIG could be preparing for another stab at the market.

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