- Janngo Capital’s $78M fund has redefined gender-equal funding in Africa’s tech sector.
- This has positioned the agency as a key participant in African enterprise capital scene whereas supporting women-led enterprises throughout the continent.
- Janngo’s fund has drawn new buyers, Mastercard Basis Africa Progress Fund, U.S. Worldwide Improvement Finance Company (DFC), Worldwide Finance Company (IFC), and ANAVA Fund.
Janngo Capital, a female-led Pan-African enterprise capital agency, has made historical past by finalizing its second fund at a formidable $78 million, 20 per cent past its unique goal.
This milestone establishes Janngo Capital as the biggest gender-equal tech VC fund in Africa, a outstanding achievement that underscores the rising international and native curiosity in gender-lens investing.
The agency’s founder, Fatoumata Bâ, celebrated this landmark by highlighting the agency’s dedication to empowering girls entrepreneurs and driving equal alternatives within the tech sector.
Janngo Capital’s $78 million fund has redefined gender-equal funding in Africa’s tech sector, positioning the agency as a key participant in African enterprise capital scene whereas supporting women-led enterprises throughout the continent.
“We’re honored to have attracted a fantastic mixture of top-tier buyers to assist our bold imaginative and prescient,” stated Bâ. “This fund shouldn’t be solely a win for Janngo however a testomony to the boldness in Africa’s tech ecosystem and its potential for sustainable progress.”
The backing from a mix of African and international establishments, each non-public and public, demonstrates a shared religion in Africa’s revolutionary capabilities and a dedication to gender fairness.
A various coalition of backers
The closing of Janngo’s fund has drawn new buyers, together with the Mastercard Basis Africa Progress Fund, U.S. Worldwide Improvement Finance Company (DFC), Worldwide Finance Company (IFC), and ANAVA Fund.
Their involvement displays a transparent dedication to supporting gender-focused investments in Africa. Samuel Akyianu, Managing Director of the Mastercard Basis Africa Progress Fund, shared that their mission aligns carefully with Janngo’s—to create “safe, dignified, and fulfilling jobs,” significantly for ladies and youth.
By anchoring African-focused funding autos, these buyers are furthering Janngo’s mission to gasoline Africa’s burgeoning tech ecosystem and improve job creation throughout the continent. Specifically, the gender-lens method guarantees a direct affect on women-led startups, a key demographic for Janngo Capital’s portfolio.
As Farid Fezoua of IFC famous, “Supporting early-stage fairness financing for tech entrepreneurs in Francophone West Africa and past will drive progress and foster innovation the place it’s wanted most.”
Janngo Capital: A daring dedication to gender equality
Considered one of Janngo Capital’s defining traits is its dedication to gender-equal funding. In 2020, the agency dedicated to allocating 50 per cent of its funds to women-led or women-benefiting firms, a pledge made through the World Financial Discussion board in Davos.
Since then, it has gone past the goal, with 56 per cent of its portfolio firms being women-led. The achievement earned Janngo the Gender Equality Award on the 2023 Africa CEO Discussion board, additional solidifying its place as a pacesetter in selling gender fairness in African enterprise capital.
By means of the Janngo Capital Startup Fund, the agency helps technology-driven companies that deal with key wants in healthcare, training, monetary providers, and extra.
This focus not solely creates a significant affect on gender equality but additionally stimulates financial progress, as highlighted by Janngo’s buyers, who’re centered on each affect and monetary returns.
A rising portfolio and success tales
In lower than six years, Janngo Capital has established a strong portfolio of over 30 investments throughout 14 international locations in Africa. Spanning sectors similar to healthcare, logistics, monetary providers, and retail, Janngo’s portfolio firms have expanded throughout 20 international locations, collectively creating over 20,000 jobs.
Notable amongst these investments is Sabi, a woman-led Nigerian startup centered on offering infrastructure options to Africa’s casual economic system. Named certainly one of Quick Firm‘s Most Modern Corporations, Sabi has skilled exponential progress, with a registered consumer base of over 250,000 and an annual income that tripled in 2023.
Janngo’s strategic investments have additionally led to high-profile exits, notably that of Expensya, a Tunisian-founded monetary administration platform acquired by the unicorn Medius. Janngo’s assist for Expensya from its seed stage to Sequence B financing performed a essential position within the startup’s journey, showcasing Janngo’s functionality to nurture and scale tech-driven African firms to worldwide requirements.
For Janngo, Expensya’s acquisition is not only a monetary success however a validation of the fund’s funding philosophy.
Past the underside line: Creating jobs and alternatives
The Janngo Capital Startup Fund stands out for its twin deal with monetary returns and social affect. Guided by gender-lens rules, the fund locations a robust emphasis on creating jobs, significantly for youth and ladies, two teams typically underrepresented within the workforce.
In alignment with Africa’s growth objectives, Janngo’s investments purpose to generate widespread financial alternatives whereas fostering entrepreneurial innovation.
The European Funding Financial institution (EIB), certainly one of Janngo’s anchor buyers, expressed that empowering feminine entrepreneurs is “essential for unlocking the continent’s full potential.” This backing aligns with Janngo’s mission of constructing sustainable ventures that carry know-how to historically underserved areas.
As Mateo Goldman of DFC commented, Janngo’s mannequin fosters “financial empowerment” by creating monetary assets and jobs for African communities, particularly for ladies and youth.
Setting new requirements in enterprise capital
Janngo Capital’s newest achievement in reaching its funding purpose amid a difficult international financial local weather units a brand new benchmark for enterprise capital in Africa.
As one of many few female-led and female-founded VC companies on the continent, Janngo has succeeded not solely in bringing much-needed capital to African tech startups but additionally in showcasing the worth of gender-inclusive investing.
This method has attracted a novel coalition of buyers, every devoted to advancing Africa’s financial growth by way of gender equality and tech innovation.
Trying ahead, Janngo Capital stays centered on supporting “category-defining startups” that may drive large-scale growth throughout Africa. From offering essential providers in healthcare and training to enhancing monetary inclusion, Janngo’s funding technique displays a imaginative and prescient that mixes objective with revenue.
In an business traditionally underfunded and underrepresented, Janngo’s fund closes a spot and opens a pathway for African startups, particularly these led by girls, to entry essential funding and mentorship.
Learn additionally: A deep dive into gender variety in Africa’s tech startup scene
The highway forward: Scaling affect throughout Africa
With $78 million secured, Janngo Capital is poised to broaden its affect even additional. The agency’s ambition to speculate as much as €5 million per startup, from seed to progress levels, permits it to assist numerous tech improvements that deal with Africa’s distinctive challenges.
By means of continued partnerships with each African and worldwide buyers, Janngo goals to cleared the path in scaling know-how options that empower entrepreneurs and uplift communities.
This historic fund is greater than only a monetary achievement; it’s a blueprint for the way enterprise capital can drive inclusive progress in Africa. As Janngo Capital continues to make strides, it stands as a testomony to the facility of gender equality in constructing a sustainable and inclusive future for African innovation.
