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Janngo Capital receives an investment approval of $12 million for its start-up fund

Tech Gist Africa by Tech Gist Africa
01/14/2022
in Funding, Innovator of the Week, News - West Africa, The Big 5, Women Empowerment, Women in Tech
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Janngo Capital Fatoumata Ba

Janngo Capital Fatoumata Ba

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The African Development Bank (AfDB) has announced the approval of $12 million in investment funds to support African tech entrepreneurs through the Janngo Start-Up Fund.

Janngo Capital manages the Janngo Start-Up Fund, which develops, grows, and invests in tech start-ups with established business models and positive social impact. Its target areas, primarily in Francophone West Africa, include agribusiness, financial services, energy, education, and healthcare.

The Fund is supposed to improve the quality of life for Africans through implementing technology-enabled business models for small and medium firms that address the needs of underserved people.

The Bank’s support for the Janngo Start-Up Fund is in line with its jobs for youth strategy and its commitment to private-sector-led growth and entrepreneurship in African nations.

The Janngo Fund, according to Stefan Nalletamby, the Bank’s Director for Financial Sector Development, may help convert a traditional company ecosystem into a dynamic, youth-driven, and technology-focused entrepreneurial community.

“With Android and other platforms, Africa is experiencing rapid mobile adoption. This opens up a lot of possibilities for developing creative and high-growth start-ups and SMEs. “However, risk capital for the new and emerging first generation of venture capital funds targeting early-stage enterprises is in short supply,” Nalletamby said.

The African Development Bank contributed $7.9 million, while the European Union and the Organization of African, Caribbean, and Pacific States each contributed $3.9 million.

 

Read more on Tech Gist Africa:

Alitheia IDF, Africa’s first women-led and women-focused private equity fund, has closed its US$100 million fund

The African Development Bank has approved an investment of $170 million in Nigeria’s digital and creative start-ups

The first close of a $40 million pan-African fund has been secured by Nigeria’s Ventures Platform

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