The startup Janngo Capital, has raised €34 million in capital commitments for its new €60 million fund aimed at financing businesses in which women are heavily involved. The main investors are the European Investment Bank (EIB) and the African Development Bank (AfDB).
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Janngo Capital Startup Fund (JCSF) announced on September 12 its first close at EUR34 million (approximately US$36 million) in capital commitments. The fund management company plans to invest EUR60 million (approximately US$63 million) in startups leveraging technology to leapfrog development and achieve SDGs in Africa. Fatoumata Bâ, Founder & Executive Chair of Janngo Capital said in a statement the company will act not only as financial partner but as operating partner with a very hands-on and long-term approach.
Janngo Capital Startup Fund will also provide up to €5 million seed and growth investments to early-stage tech and tech-enabled startups that enable Africans to improve their access to essential goods and services such as healthcare, education or financial services. Besides enabling African SMEs to improve their access to market & capital, the company will help create sustainable jobs at scale, with a focus on women and youth.
“At Janngo, we believe that talent is equally distributed between men and women, but the opportunities are not”
Recognizing that women in Africa are the most entrepreneurial in the entire world with a total entrepreneurship activity rate of 26%, while they face a $42 billion funding gap and have very limited access to growth capital, Janngo Capital hopes to turn the tide. This fund management company has made a strong commitment to gender equality as it will invest 50% of its proceeds in companies founded, co-founded, or benefiting women.
“At Janngo, we believe that talent is equally distributed between men and women, but the opportunities are not; especially in terms of access to capital,” Fatoumata regretted in the statement. She however, stated her pride to “lead Africa’s largest gender equal tech VC fund and see major global investors rally around our vision to back entrepreneurs building digital champions across Africa.”
Janngo Capital is able to invest between €50 000 and €5 million, from seed through growth stage in startups all across Africa demonstrating the ability to deliver financial and social returns
“We have built a strong track record in the region through our first fund with investments in 11 tech & tech-enabled startups, including the soonicorn Sabi, Expensya or Jexport”, she further indicated. “Thanks to the support of the EIB, Janngo Capital is able to invest between €50 000 and €5 million, from “seed through growth stage” in startups all across Africa demonstrating the ability to deliver financial and social returns, Fatoumata Bâ added.
Founded in May 2018, the alternative investment fund management company Janngo has main offices in Abidjan (Côte d’Ivoire) and Paris (France). It invests in startups in its portfolio and SMEs in its ecosystem to accelerate their business. Only two months after its birth, the startup had signed a framework agreement with the Côte d’Ivoire SME Agency (July 2018).
Janngo Capital Partners, a management company whose aim is to manage private equity funds for professional or similar clients, was launched in 2020. These funds are dedicated to financing unlisted companies. Until June 2022, the investment activities of Janngo Capital Partners had not started. With the raising of €34 million in capital commitments, the upcoming start of investments, particularly for women, is highly anticipated. Especially since Janngo Capital has spent the whole of 2021 fine-tuning its investment vehicle.