Janngo Capital closes second fund at $78m to accelerate gender equality in Africa

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 institutional and private financial investors in Janngo. 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. New investors including Mastercard Foundation Africa Growth Fund, DFC, IFC and ANAVA join first close investors.

Fatoumata Bâ, Founder and Executive Chair, Janngo Capital: "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.''

Ambroise Fayolle, Vice President, European Investment Bank: "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 Startup 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."

Janngo Capital Startup Fund invests up to €5 million, from seed to growth, in technology startups that: Enable Africans to improve their access to essential goods and services such as healthcare, education or financial services; Enable African SMEs to improve their access to market and capital, or; Create sustainable jobs at scale, with a focus on women and youth.

Janngo Capital is one of the very few female-founded, owned and led venture capital firms in Africa. In 2020, the firm made a strong commitment to gender equality, pledging up to 50% of investments in companies founded, co-founded or benefiting women during the World Economic Forum in Davos. In 2023, Janngo Capital won the Gender Equality Award at the Africa CEO forum, in recognition of its 56% portfolio companies founded, co-founded or benefiting women and of its 91% portfolio companies complying with 2X criteria.

In less than 6 years, the firm has built a portfolio of 30+ investments across its 2 investment vehicles in 14 countries. Its portfolio companies have since expanded in over 20+ countries, spanning across key sectors such as healthcare, logistics, financial services, retail, food & agri, mobility and the creative industry and generating several billion dollars of transactions per year while creating more than 20 000 jobs. Key investments include Sabi, a woman-led Nigerian soonicorn, recently named to the world ranking of Fast Company's Most Innovative Companies. With exponential growth over the last three years, more than 250,000 registered users, 15,000 monthly orders and a revenue that has tripled in 2023 on an annualized basis compared to 2022, Sabi generates more than $1 billion of GMV per year.

www.janngo.com

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