Janngo Capital’s $78 Million Fund Sets New Standard for Gender Equality in African Tech Venture Capital
Staff Writer • 2024-10-30
Abidjan, Côte d'Ivoire / Washington, USA Janngo Capital, a Pan-African venture capital firm, has successfully closed its second fund at an oversubscribed $78 million, marking it as the largest gender-equal tech venture fund in Africa. This achievement underscores the firm’s commitment to gender equity in the tech investment landscape, with more than half of its portfolio companies founded or co-founded by women. Led by Founder and Executive Chair Fatoumata Bâ, Janngo Capital continues to drive transformative growth across the continent with a unique blend of financial returns and impactful investments. Investors Rally Behind Janngo's Mission The final round attracted notable new investors such as the Mastercard Foundation Africa Growth Fund, the U.S. International Development Finance Corporation (DFC), and the International Finance Corporation (IFC). They join a lineup of initial backers, including the European Investment Bank (EIB) and the African Development Bank (AfDB). This diverse investor base demonstrates substantial confidence in Janngo's mission to support startups leveraging technology for social and economic progress. According to Bâ, "Our investors see not only our commitment to gender equality but also our vision for an African tech ecosystem poised for exponential growth." Transforming Startups Across Africa Since its inception, Janngo Capital has invested in over 30 companies across 21 markets, accelerating access to essential goods and services in sectors like healthcare, financial services, and logistics. Standout companies include Sabi, a woman-led Nigerian tech enterprise that generates over $1 billion in gross merchandise value annually. Expensya, a Tunisian fintech startup co-founded by Karim Jouini and Jihed Othmani, represents another significant success story. The startup’s recent acquisition by unicorn Medius saw Janngo exit with an impressive internal rate of return of 48%, reinforcing Janngo’s reputation for fostering high-growth ventures. A New Era for African Tech Operating from Abidjan and Paris, Janngo Capital is one of the few female-led venture capital firms in Africa. The firm’s strategic commitment to gender equity was formalized at the 2020 World Economic Forum, where it pledged to allocate 50% of its investments to female-founded or -led companies. In 2023, this dedication was recognized with the Gender Equality Award at the Africa CEO Forum, cementing Janngo’s leadership in promoting inclusivity. Janngo Capital Startup Fund stands as a transformative force in Africa’s venture ecosystem, empowering the next generation of tech-enabled, socially conscious startups to drive long-term growth on the continent. The fund remains focused on fostering African innovation while advancing gender equality, setting a groundbreaking model for venture capital in emerging markets.
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