Final close of $78 M gender-equal venture capital fund by Janngo Capital
With the final close of its oversubscribed $78 million fund, Janngo Capital has become the largest gender-equal tech venture capital fund in Africa.
In order to create green jobs, especially for women and young people, Janngo invests in startups that address important market failures. About 30 investments have been made by the company in 21 startups since its founding, including Sabi in Nigeria and Expensya in Tunisia. Of the companies in its portfolio, 67% are Francophone and 56% are led by women.
With anchor investors the European Investment Bank (EIB) and the African Development Bank (AfDB) joining prominent new investors Mastercard Foundation Africa Growth Fund, DFC, IFC, and ANAVA, the second fund’s final closing at US$78 million was 20% above its original goal.
Janngo Capital is now the biggest venture capital firm in Africa promoting gender equality as a result of this fundraising.
“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.”
According to EIB vice president Ambroise Fayolle, enabling female entrepreneurs throughout Africa is essential to realizing 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.
According to Samuel Akyianu, managing director of the Mastercard Foundation Africa Growth Fund, creating safe, respectable, and rewarding jobs is a top priority for Africa’s economic development.
“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.
