October 30, 2024

Janngo Capital Closes $78M Fund: Africa’s Largest “Gender-Equal” Tech VC Fund

Janngo Capital

African venture capital firm Janngo Capital has closed its second fund at €73 million (approximately $78 million), surpassing its original €60 million target by 20%. 

Janngo Capital states that fund now positions the venture capital firm as the largest accelerating gender equality in Africa.

Investment Focus on Gender Equality and Diverse Sectors

Janngo Capital positions itself as a “gender-equal” investor, with 56% of its portfolio companies founded or led by women. 

Notable women-led investments include the Nigerian B2B platform Sabi and expense management company Expensya. 

According to Janngo, its investment thesis prioritizes gender-diverse teams, a strategy reflecting Africa’s high rate of female entrepreneurship.

The firm’s focus also extends to a range of sectors beyond fintech, including healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy.

Janngo’s founder Fatoumata Bâ points out that Africa currently receives a small fraction—1%-2%—of global venture capital funding, a statistic that has remained static despite a decade of increased capital flows to the region, according to TechCrunch.

With a goal to increase both local and foreign investor confidence, Janngo aims to showcase the viability of African tech startups on the global stage.

Expanding African Startups’ Access to Early and Growth-Stage Funding

With the close of its second fund, Janngo plans to support an additional 10 to 15 companies over the next five years, bringing its expected portfolio to 25-40 startups. 

The fund, backed by anchor investors such as the African Development Bank Group and the European Investment Bank, includes new investments from the Mastercard Foundation Africa Growth Fund, the Tunisian fund of funds ANAVA, and the endowment fund of Ghana’s Ashesi University, among others. 

US and international institutions, including the International Development Finance Corporation and the World Bank’s International Finance Corporation, also contributed to this round.

Janngo’s investment model includes seed to Series B funding, taking 15%-30% ownership stakes and deploying between €150,000 and €5 million per company. 

Since its launch in 2018, Janngo has invested in more than 30 startups across Africa, sometimes providing additional Series B funding to successful ventures in its portfolio.


Feature Image Credit: Janngo Capital

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.