Tunisia’s ANAVA invests $4.3 million in Janngo fund for women-focused businesses

March 28, 2024
2 min read
  • Africa-focused Janngo Capital Startup Fund (JCSF) has received €4 million ($4.3 million) in equity investments from Tunisia's fund of funds, "ANAVA," to invest in francophone African startups and female-founded businesses.
  • Being ANAVA's first investment in Pan-African funds, it is expected to assist Tunisian startups, which are part of Francophone African countries where the investment is targeted, in expanding their market reach and presence in Africa.
  • Additionally, the fund will channel the funds into supporting successful early-stage startups that have the potential to grow and have a positive impact on the economy, society, and environment.

The Janngo Capital Startup Fund is Janngo Capital's second investment vehicle, established by Fatoumata Bâ, who also serves as its executive chair. It stated that as of 2022, 56% of the companies in its portfolio are led by women, and 54% are francophone.

Following the investment from ANAVA, Fatoumata Bâ said, “An additional 4 million euros equity investment in Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa, in particular Francophone countries and companies founded by women.

In September 2022, Janngo Capital Startup Fund (JCSF) announced the first close of €60 million (~$6.5 million) at €34 million ($36 million) in capital commitments. 

Its  €60 million (~$6.5 million) investment aims to support early-stage tech and tech-powered startups developing relevant solutions, improving market access and capital, and creating job opportunities for women and youths.

In December 2023, Janngo Capital co-invested $4.9 million in Susu, an Ivorian healthtech start-up, and also co-led a $2.65 million pre-seed in MAKA, a fashion and beauty social commerce platform. In October 2023, it led a $3 million pre-series A round in Star News Mobile, a creator monetisation platform for Africans.

ANAVA, managed by Smart Capital, says it’s Tunisia's first euro-denominated fund of funds and a pioneering startup in Tunisia. The initial target size is €100 million (~$108 million), with Caisse des Dépôts et Consignations (CDC) investing €40 million ($43 million) and KFW contributing €20 million (~$22 million).

On the investment, Alaya Bettaieb, Director General of Smart Capital, said it will help ANAVA build connections with other global players.

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