Janngo Capital fund reaches first close
The Janngo Capital Startup Fund (JCSF) has announced its first close at €34 million (approximately $36 million) in capital commitments. Launched in Davos in 2020, Janngo Capital’s latest fund will invest 50% of its proceeds in companies founded, co-founded, or benefiting women. Backed by global financial institutions as well as private corporations, the fund management company plans to invest €60 million (approximately $63 million) in startups leveraging technology to leapfrog development and achieve SDGs in Africa.
“We are proud 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. We have built a strong track record in the region through our first fund with investments in 11 tech and tech-enabled startups, including Sabi, Expensya or Jexport,” said Fatoumata Bâ, founder and executive chair of Janngo Capital.
The fund will provide up to €5 million seed and growth investments to early-stage tech and tech-enabled startups that (1) enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, (2) enable African SMEs to improve their access to market and capital, or (3) create sustainable jobs at scale, with a focus on women and youth.
The fund is backed by Proparco, Burda Principal Investments and Muller Medien, among others, along with anchor investors EIB, AfDB and Boost Africa.
“Africa has some of the world’s fastest-growing economies and a young, fast-growing population. We believe we can improve its living standards and social progress by supporting entrepreneurship and innovation. That is why we are pleased to partner again with Janngo Capital Startup Fund through our Boost Africa Initiative,” said Ambroise Fayolle, European Investment Bank vice president.