Africa Internet Group, the owners of Jumia, on Friday said it got over N64bn ($327m) from MTN, Rocket Internet and Goldman Sachs in its latest funding raising exercise.

Rocket Internet, the Berlin-based tech incubator, founded Africa Internet in 2012. The group’s first business is Jumia – an online retailer.

Africa Internet Co-Chief Executive Officer, Sacha Poignonnec, said the company would use the investment to strengthen its existing businesses.

In an interview monitored online on Thursday, Poignonnec said he wanted all of Africa Internet “to be in a position of profitability” in two to three years, but said that the company might opt to forgo profitability and instead invest in future growth, depending on what the market looked like.

The MTN Group Chief Digital Officer, Herman Singh, had said in an interview with The Wall Street Journal last week that Africa Internet was spending between €100m and €200m a year, “largely to market new customers.”

An Executive Director at Goldman Sachs, Jules Frebault, said the bank was attracted by the company’s reach across the continent, saying, “Execution capabilities gave the business a leading role in the development of Africa’s online economy.”