African venture capital firm Janngo Capital recently closed its second fund, raising €73 million ($78 million), surpassing the initial target of €60 million ($63 million). Led by founder Fatoumata Bâ, Janngo’s first close reached €60 million in 2022, with major contributions from the African Development Bank Group (AfDB) and European Investment Bank (EIB). Additional institutional backers included the Mastercard Foundation Africa Growth Fund, Tunisia’s ANAVA fund, Ghana’s Ashesi University’s endowment, the U.S. International Development Finance Corporation (DFC), and the World Bank’s IFC.
Fueling Africa’s Startup Ecosystem
Development finance institutions like DFC and IFC play an instrumental role in African startups, especially where local investors remain scarce. Janngo Capital’s ability to attract both local and international funding underscores growing confidence in Africa’s venture landscape.
Increasing Africa’s VC Access
Despite Africa’s 17% share of the world’s population, it attracts just 1-2% of global venture capital. “If tech is vital to Africa’s growth, it deserves proportional VC access,” stated Bâ, emphasizing Janngo’s focus on bringing in private and African LPs to fuel regional investments.
Championing Female Entrepreneurs
As a “gender-equal” investor, Janngo proudly reports that 56% of its portfolio companies are female-led, including Sabi, a Nigerian B2B e-commerce company. “Africa boasts high rates of female entrepreneurship, yet women receive minimal VC funding,” Bâ noted, underscoring the fund’s commitment to female founders.
Broadening Sector Impact
Janngo targets diverse sectors—healthcare, logistics, finance, retail, agritech, and mobility. Since 2018, Janngo has invested in over 30 ventures across 21 startups. With this new fund, the firm aims to expand to 25-40 companies, supporting 10-15 additional startups in the coming years.
Proven Successes and Future Plans
Janngo’s notable exits include Expensya, acquired for $120 million by Medius, and Sabi, reaching $1 billion in annual gross merchandise volume. “Early exits prove value in a tough funding climate,” said Bâ, reaffirming Janngo’s dedication to fostering Africa’s startup ecosystem.
Shaping Africa’s VC Landscape
With offices in Abidjan, Mauritius, Tunis, and Paris, Janngo invests between €50,000 and €5 million, supporting companies from seed to Series B stages. Its growing presence signals a positive shift in African VC, contributing to a more sustainable and dynamic startup ecosystem.