Janngo Capital Secures $78 Million for Africa-Focused Fund, Surpassing Initial Target by 20%
Pan-African venture capital firm Janngo Capital has announced the final closing of its second fund at $78 million, 20% beyond its initial target. This fundraising demonstrates the confidence of leading institutional and private financial investors in Janngo’s team and track record. The firm’s investment thesis strikes the right balance between solid financial returns and tangible impact as evidenced by the successful exit of Expensya to unicorn Medius and by its 56% women-led portfolio companies, such as the soonicorn Sabi.
We are proud to announce the final closing of our second investment vehicle at $78 million, 20% above our initial target pledged in Davos. 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. We are committed to keep supporting category-defining startups leveraging technology to help leapfrog development in Africa, in a more equal way.
Fatoumata Bâ, Founder and Executive Chair, Janngo Capital
Janngo Capital Startup Fund’s anchor investors doubled down by reinvesting in this final closing, such as:
– The European Investment Bank (EIB), the world’s largest multilateral development bank, active in 160 countries.
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.
Ambroise Fayolle, Vice President, European Investment Bank
– The African Development Bank (AfDB), Africa’s largest development finance institution with 81 member countries (54 regional and 27 non-regional).
Additionally, 6 new world-class investors joined this final closing, such as:
– Mastercard Foundation Africa Growth Fund – MEDA, an innovative impact fund of funds initiative targeting Africa-based investment vehicles.
Creating secure, dignified, and fulfilling jobs is a priority for Africa’s economic growth. 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.
Samuel Akyianu, Managing Director, Mastercard Foundation Africa Growth Fund
Akyianu adds that The Mastercard Foundation Africa Growth Fund, managed by the Mennonite Economic Development Associates (MEDA), is a first-of-its-kind Fund of Funds anchoring African-focused and domiciled investment vehicles like Janngo. It provides the capital and business development support to invest in SMEs across sub-Saharan Africa, increasing the job-creation potential of African entrepreneurs. Guided by gender-lens principles, the Fund is proud to support Janngo in creating sustainable, inclusive opportunities that empower women and youth, driving the continent’s long-term growth.
– The U.S. International Development Finance Corporation (DFC) is the U.S. government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing developing countries.
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.
Mateo Goldman, Senior Vice President of Investments, U.S. International Development Finance Corporation
– International Finance Corporation (IFC) – a member of the World Bank Group – is the largest global development institution focused exclusively on the private sector in developing countries.
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. 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.
Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds, IFC
– 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.
