Pan-African venture capital firm Janngo Capital, one of the very few female-founded, owned and led venture capital firms in Africa,  has announced the final closing of its second fund at $78m, 20% beyond its initial target. 

“We are proud to announce the final closing of our second investment vehicle. We are particularly honored 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. Beyond our team, it is a strong signal of confidence in the African tech ecosystem and its solid growth prospects,” said Fatoumata Bâ, Founder and Executive Chair of Janngo Capital.” 

“We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way,” she said.

Janngo Capital Start-up Fund invests up to €5m, from seed to growth, in technology startups that enable Africans to improve their access to essential goods and services such as healthcare, education or financial services; enable African SMEs to improve their access to market and capital; or create sustainable jobs at scale, with a focus on women and youth.

The fund received backing from its anchor investors the European Investment Bank (EIB) and the African Development Bank (AfDB). 

“Empowering female entrepreneurs across Africa is crucial for unlocking the continent’s full potential. The European Investment Bank is pleased to support venture capital investment by the Janngo Capital Start-up 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,” said Ambroise Fayolle, Vice President, European Investment Bank.

Additionally, six new world-class investors joined this final closing, including: Mastercard Foundation Africa Growth Fund - MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles, the U.S. International Development Finance Corporation (DFC); International Finance Corporation (IFC); and ANAVA (Smart Capital), a Tunisian fund of funds backed by the World Bank, CDC, and KFW; and additional private investors such as the leading African university endowment fund.

“Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth," said Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund. 

"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." 

“DFC is delighted to partner with Janngo Capital Start-up Fund, a commitment intended to support the continued development of the venture capital ecosystem across Africa. Janngo’s approach of leveraging capital and technology nurtures entrepreneurship while fostering economic empowerment. Through DFC’s commitment, this partnership will result in improved access to financial resources, bolster economic stability, and increased job opportunities, especially for women and the youth,” said Senior Vice President of Investments, Mateo Goldman.

“The project will help expand access to early-stage equity financing for tech entrepreneurs in the Francophone West Africa region, which is underserved by venture capital compared with other regions in Africa,” added Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC. 

“We are delighted to support the fund’s investment strategy through this project, as it intends to allocate 80% of its invested capital in low-income and post-conflict countries and at least half in women-led companies. This investment is part of the IFC Startup Catalyst program, which supports incubators, accelerators, and seed funds investing in innovative early-stage startups in nascent venture ecosystems with capital, mentoring, and networking.”