Janngo Capital has reached the final close of its oversubscribed $78 million fund, marking Africa’s largest gender-equal tech VC fund.
Janngo invests in startups solving key market failures while creating green jobs, particularly for women and youth. Since inception, the firm has made about 30 investments in 21 startups, including Nigeria’s Sabi and Tunisia’s Expensya. Its portfolio companies are 56 per cent female-led and 67 per cent Francophone.
The final closing of its second fund at US$78 million was 20 per cent beyond its initial target, with leading new investors including Mastercard Foundation Africa Growth Fund, DFC, IFC and ANAVA joining anchor investors the European Investment Bank (EIB) and the African Development Bank (AfDB).
With this fundraising, Janngo Capital becomes the largest venture capital firm accelerating gender equality in Africa.
“We are proud to announce the final closing of our second investment vehicle at US$78 million, 20 per cent above our initial target pledged in Davos. We are particularly honoured to have attracted a great mix of top-tier investors, African and global, institutional and private, impact and commercially driven to support our ambitious vision,” said Fatoumata Bâ, founder and executive chair of Janngo Capital.
“Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.”
Ambroise Fayolle, vice president of the EIB, said empowering female entrepreneurs across Africa was crucial for unlocking the continent’s full potential.
“The European Investment Bank is pleased to support venture capital investment by the Janngo Capital fund that is enabling women-led businesses to thrive, innovate, harness technology and create sustainable jobs. By providing access to finance and fostering entrepreneurial talent, we are not only contributing to gender equality but also driving economic growth and resilience across Africa,” he said.
Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth, said Samuel Akyianu, managing director of the Mastercard Foundation Africa Growth Fund.
“For Africa to achieve its development agenda, as well as the UN Sustainable Development Goals, innovative and proactive approaches to job creation for women and youth are essential,” he said.
