The Rocket Internet Capital Partners fund (RICP) has held its final closing at the hard cap of $1.0bn dedicated to early stage and growth equity investments in the global Internet sector. 

RICP received strong backing from a diverse group of global investors, including financial institutions, pension funds, asset managers, foundations and high net worth individuals. 

Rocket Internet has contributed approximately 14% of the overall commitments.

Oliver Samwer, Rocket Internet’s CEO, said: “RICP having reached the hard cap of $1.0bn shows the strong interest of leading investors, who share the enthusiasm for the attractive investment opportunity RICP presents.”

The Fund is focused on generating strong returns for investors by investing in market-leading, high growth Internet related businesses. 

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

The Fund provides funding over the lifecycle of high growth Internet businesses.

RICP spokesperson told Africa Global Funds that the Fund has made investments since its first closing in January 2016. 

“The fund seeks to invest in key focus areas of the Internet sector including marketplaces, e-commerce, financial technology, software and travel. Among the investments are Rocket Internet founded companies as well as others.”

One of the Rocket Internet founded companies is Jumia, formerly known as Africa Internet Group (AIG).

Since launching in Nigeria in 2012, Jumia has become an ecosystem of online commerces, marketplaces and classifieds websites and applications.

In March 2016, Jumia (then AIG) secured more than €300m in funding from new and existing investors, including the previously announced funding commitment from AXA. 

The investment round was led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. 

Jumia, currently present in 11 African markets, provides the platform for local African businesses to sell products to the fast-growing base of African consumers in particular to the rapidly emerging middle class.