African VC, Janngo Capital closes $78 million to support African SMEs and enhance inclusivity 

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October 30, 2024
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2 min read
Janngo Capital
  • Janngo Capital, an African venture capital firm has closed its second fund at €73 million ($78 million), surpassing its initial target of €60 million ( $63 million) by 20%.
  • The fund, backed by the African Development Bank Group (AfDB) and the European Investment Bank (EIB) will allow the firm to accelerate African entrepreneurship and drive job creation, particularly for youth and women. 
  • In 2022, the VC marked the fund's first close at €26 million, securing limited partners including AfDB and EIB.

Other investors who joined the second fund include the Mastercard Foundation Africa Growth Fund, Tunisian fund, ANAVA, and the endowment fund of Ghana-based University Ashesi University. The U.S International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC).

Founded by Fatoumata Bâ, Janngo leverages technology and capital to build digital ecosystems in high growth sectors by developing customer-centric and value-added services for African customers, enabling African SMEs to scale their enterprises, while creating jobs and empowerment opportunities for youth and women.

With 56% of women-led portfolio, the firm aims to address the gender gap in the region's entrepreneurial ecosystem. Its investments include female-led businesses like Nigeria’s B2B eCommerce platform, Sabi, aligning with its focus of empowering women in business and impact investment. 

explained that this focus is important, as Africa has the world’s highest rate of female entrepreneurship with only a tiny share of global VC funding flowing to female founders. She emphasised that showing that a high-impact thesis—directing capital to diverse founders, early-stage VC, and sectors beyond fintech—can deliver was essential to the firm. 

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Furthermore, Bâ highlighted that Africa makes up 17% of the world’s population but receives only 1%-2% of global venture capital funding, a proportion that has stayed stagnant despite an increase from $150 million a decade ago to approximately $4 billion-$5 billion today.

“If we believe tech is critical to economic development in Africa, we should have proportional access to VC,” she added. 

Since its first fund in 2018, Janngo has invested in over 30 rounds across 21 startups, including follow-on Series B investments. The firm invests between €150,000 and €5 million in startups within healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy. It also operates offices in Abidjan, Mauritius, Tunis, and Paris.

In March 2024, Janngo Capital Startup Fund (JCSF) 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.

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