FUNDING | Janngo Capital Announces Close of Fund 2 at $78 Million to Invest in African Tech

Janngo Capital, an African-wide venture firm, has closed its second fund at €73 million (about $78 million).

The first close of the fund took place in 2022 at €34 million in 2022, roping in limited partners such as:

• the African Development Bank Group (AfDB) and
• The European Investment Bank (EIB)

According to Janngo Capital Founder, Fatoumata Bâ, both anchor investors continued their support in the fund’s second close. They were joined by additional institutional investors, including three with an African mandate:

• MasterCard Foundation Africa Growth Fund
• Tunisia’s fund of funds, ANAVA
• The endowment fund of Ashesi University in Ghana

Also,

• The U.S. International Development Finance Corporation (DFC) and
• The World Bank’s International Finance Corporation (IFC)

also contributed.

According to a Q3 2024 Funding Report by Africa: the Big Deal, startups across the continent have raised a combined $1.4 billion since January 2024, which is 38% less funding than they had at the same time last year.

“Africa represents 17% of the global population, yet attracts only 1%-2% of global VC funding, a share that has remained stagnant despite growth from $150 million raised a decade ago to around $4 billion-$5 billion today,” Bâ said.

“If we believe tech is critical to economic development in Africa, we should have proportional access to VC. That’s why our goal wasn’t just about hitting the target or achieving oversubscription — I wanted to attract private LPs, especially African LPs.”

The firm markets itself as a ‘gender-equal’ investor and women-led startups make up 56% of Janngo Capital’s portfolio across both funds.

“This focus is important because, while Africa has the world’s highest rate of female entrepreneurship, only a tiny share of global VC funding flows to female founders. So, showing that a high-impact thesis – directing capital to diverse founders, early-stage VC, and sectors beyond fintech – can deliver was essential for us.”

Since the launch of its first fund in 2018, Janngo has invested in over 30 rounds across 21 startups, occasionally participating in follow-on Series B investments.

The initial fund, amounting to around $10 million, helped seed 11 companies, including:

• Tunisian expense management platform, Expensya, and
• Nigerian B2B e-commerce platform, Sabi.

With its second fund, the firm re-invested in both startups during their Series B rounds.

Janngo makes investments ranging from €50,000 to €5 million in startups within sectors such as:

• Healthcare
• Logistics
• Financial services
• Retail
• Agritech
• Mobility, and
• The creator economy

The firm operates offices in:

• Abidjan
• Mauritius
• Tunis, and
• Paris