Jumia CEO Francis Dufay said in a statement that the capital will “further strengthen our balance sheet and help us accelerate our growth trajectory as we progress along our path to profitability.”

Jumia’s cash position currently stands at $92.8 million (comprising $45.1 million in cash and cash equivalents and $47.7 million in term deposits and other financial assets) from its Q2 2024, its most recent financial report. That’s compared to the platform’s liquidity position of $120.6 million in Q4 2023 and $101.5 million in Q1 2024.