Janngo Capital has closed its oversubscribed $78 million fund, making it Africa’s largest gender-equal tech venture capital fund.
With major 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), the second fund’s final close at US$78 million was 20% above its initial target.
Janngo makes investments in businesses that address major market gaps and generate green jobs, especially for young people and women. The company has invested in 21 startups since its founding, including Sabi in Nigeria and Expensya in Tunisia. Sixty-seven percent of its portfolio companies are Francophone, and 56 percent are run by women.
“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, impactful 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 realising 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 goal 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.
With this funding, Janngo Capital solidifies its position as the leading venture capital firm in Africa focused on advancing gender equality.
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