Janngo Capital has announced the first close of its second fund at EUR34 million (US$36 million), and is targeting a further EUR26 million (US$26 million) to bolster its ability to invest in innovative African tech startups.
Janngo builds, grows and invests in pan-African tech startups with proven business models and inclusive social impact, with the belief that technology and capital can leapfrog development and achieve SDGs in Africa.
The Janngo Capital Startup Fund (JCSF), launched in Davos in 2020, is Janngo Capital’s second fund, and will invest 50 per cent of its proceeds into companies founded, co-founded, or benefiting women. It is backed by global financial institutions as well as leading private corporations, with investors including the European Investment Bank (EIB) via its Boost Africa initiative, the African Development Bank (AfDB), Proparco, Burda Principal Investments (BPI), and Muller Medien.
Janngo plans to invest EUR60 million in startups leveraging technology to leapfrog development and achieve SDGs in Africa. It will provide up to EUR5 million (US$5 million) in seed and growth investments to early-stage tech and tech-enabled startups that enable Africans to improve their access to essential goods and services such as healthcare, education or financial services; enable African SMEs to improve their access to market and capital; or create sustainable jobs at scale, with a focus on women and youth.
“We are proud to lead Africa’s largest gender equal tech VC fund and see major global investors rally around our vision to back entrepreneurs building digital champions across Africa. We have built a strong track record in the region through our first fund with investments in 11 tech and tech-enabled startups, including the soonicorn Sabi, Expensya and Jexport,” said Fatoumata Bâ, founder and executive chair of Janngo Capital.
“Our current portfolio companies are 56 per cent women-led, 54 per cent francophone, and provide strong evidence of how these technology champions can positively contribute in solving key market failures and creating jobs in healthcare, logistics, financial services, retail, food and agri, mobility or the creative industry. Janngo Capital Startup Fund will play a critical role in improving access to early-stage capital for tech entrepreneurs in a more equal way, on a continent still attracting less than two per cent of the global VC fund.”
Ambroise Fayolle, European Investment Bank vice president, said Africa has some of the world’s fastest-growing economies, and a young, fast-growing population.
“We believe we can improve its living standards and social progress by supporting entrepreneurship and innovation. That is why we are pleased to partner again with Janngo Capital Startup Fund through our Boost Africa Initiative,” he said.
