- Janngo Capital’s $78M fund has redefined gender-equal investment in Africa’s tech sector.
- This has positioned the firm as a key player in African venture capital scene while supporting women-led enterprises across the continent.
- Janngo’s fund has drawn new investors, Mastercard Foundation Africa Growth Fund, U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), and ANAVA Fund.
Janngo Capital, a female-led Pan-African venture capital firm, has made history by finalizing its second fund at an impressive $78 million, 20 per cent beyond its original target.
This milestone establishes Janngo Capital as the largest gender-equal tech VC fund in Africa, a remarkable achievement that underscores the rising global and local interest in gender-lens investing.
The firm’s founder, Fatoumata Bâ, celebrated this landmark by highlighting the firm’s commitment to empowering women entrepreneurs and driving equal opportunities in the tech sector.
Janngo Capital’s $78 million fund has redefined gender-equal investment in Africa’s tech sector, positioning the firm as a key player in African venture capital scene while supporting women-led enterprises across the continent.
“We are honored to have attracted a great mix of top-tier investors to support our ambitious vision,” said Bâ. “This fund is not only a win for Janngo but a testament to the confidence in Africa’s tech ecosystem and its potential for sustainable growth.”
The backing from a combination of African and global institutions, both private and public, demonstrates a shared faith in Africa’s innovative capabilities and a commitment to gender equity.
A diverse coalition of backers
The closing of Janngo’s fund has drawn new investors, including the Mastercard Foundation Africa Growth Fund, U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), and ANAVA Fund.
Their involvement reflects a clear commitment to supporting gender-focused investments in Africa. Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, shared that their mission aligns closely with Janngo’s—to create “secure, dignified, and fulfilling jobs,” particularly for women and youth.
By anchoring African-focused investment vehicles, these investors are furthering Janngo’s mission to fuel Africa’s burgeoning tech ecosystem and enhance job creation across the continent. In particular, the gender-lens approach promises a direct impact on women-led startups, a key demographic for Janngo Capital’s portfolio.
As Farid Fezoua of IFC noted, “Supporting early-stage equity financing for tech entrepreneurs in Francophone West Africa and beyond will drive growth and foster innovation where it is needed most.”
Janngo Capital: A bold commitment to gender equality
One of Janngo Capital’s defining characteristics is its dedication to gender-equal investment. In 2020, the firm committed to allocating 50 per cent of its funds to women-led or women-benefiting companies, a pledge made during the World Economic Forum in Davos.
Since then, it has gone beyond the target, with 56 per cent of its portfolio companies being women-led. The achievement earned Janngo the Gender Equality Award at the 2023 Africa CEO Forum, further solidifying its position as a leader in promoting gender equity in African venture capital.
Through the Janngo Capital Startup Fund, the firm supports technology-driven businesses that address key needs in healthcare, education, financial services, and more.
This focus not only creates a meaningful impact on gender equality but also stimulates economic growth, as highlighted by Janngo’s investors, who are focused on both impact and financial returns.
A growing portfolio and success stories
In less than six years, Janngo Capital has established a robust portfolio of over 30 investments across 14 countries in Africa. Spanning sectors such as healthcare, logistics, financial services, and retail, Janngo’s portfolio companies have expanded across 20 countries, collectively creating over 20,000 jobs.
Notable among these investments is Sabi, a woman-led Nigerian startup focused on providing infrastructure solutions to Africa’s informal economy. Named one of Fast Company‘s Most Innovative Companies, Sabi has experienced exponential growth, with a registered user base of over 250,000 and an annual revenue that tripled in 2023.
Janngo’s strategic investments have also led to high-profile exits, notably that of Expensya, a Tunisian-founded financial management platform acquired by the unicorn Medius. Janngo’s support for Expensya from its seed stage to Series B financing played a critical role in the startup’s journey, showcasing Janngo’s capability to nurture and scale tech-driven African companies to international standards.
For Janngo, Expensya’s acquisition is not just a financial success but a validation of the fund’s investment philosophy.
Beyond the bottom line: Creating jobs and opportunities
The Janngo Capital Startup Fund stands out for its dual focus on financial returns and social impact. Guided by gender-lens principles, the fund places a strong emphasis on creating jobs, particularly for youth and women, two groups often underrepresented in the workforce.
In alignment with Africa’s development goals, Janngo’s investments aim to generate widespread economic opportunities while fostering entrepreneurial innovation.
The European Investment Bank (EIB), one of Janngo’s anchor investors, expressed that empowering female entrepreneurs is “crucial for unlocking the continent’s full potential.” This backing aligns with Janngo’s mission of building sustainable ventures that bring technology to traditionally underserved regions.
As Mateo Goldman of DFC commented, Janngo’s model fosters “economic empowerment” by creating financial resources and jobs for African communities, especially for women and youth.
Setting new standards in venture capital
Janngo Capital’s latest achievement in reaching its funding goal amid a challenging global economic climate sets a new benchmark for venture capital in Africa.
As one of the few female-led and female-founded VC firms on the continent, Janngo has succeeded not only in bringing much-needed capital to African tech startups but also in showcasing the value of gender-inclusive investing.
This approach has attracted a unique coalition of investors, each dedicated to advancing Africa’s economic development through gender equality and tech innovation.
Looking forward, Janngo Capital remains focused on supporting “category-defining startups” that can drive large-scale development across Africa. From providing critical services in healthcare and education to enhancing financial inclusion, Janngo’s investment strategy reflects a vision that combines purpose with profit.
In an industry historically underfunded and underrepresented, Janngo’s fund closes a gap and opens a pathway for African startups, especially those led by women, to access critical funding and mentorship.
Read also: A deep dive into gender diversity in Africa’s tech startup scene
The road ahead: Scaling impact across Africa
With $78 million secured, Janngo Capital is poised to expand its impact even further. The firm’s ambition to invest up to €5 million per startup, from seed to growth stages, allows it to support diverse tech innovations that address Africa’s unique challenges.
Through continued partnerships with both African and international investors, Janngo aims to lead the way in scaling technology solutions that empower entrepreneurs and uplift communities.
This historic fund is more than just a financial achievement; it is a blueprint for how venture capital can drive inclusive growth in Africa. As Janngo Capital continues to make strides, it stands as a testament to the power of gender equality in building a sustainable and inclusive future for African innovation.
