Anava's $4.3M Boost: Fueling Gender-Equal Tech in Africa with Janngo Capital

Anava's $4.3M Boost: Fueling Gender-Equal Tech in Africa with Janngo Capital

By Staff Writer, 27 March 2024

Anava, a prominent fund of funds, has announced a substantial commitment of $4.3 million to bolster Africa's gender-equal technology initiatives through the Janngo Capital Startup Fund.

This investment marks the second significant venture for Janngo Capital Partners.

In tandem with Anava's commitment, Smart Capital has pledged an additional €4 million equity investment into the Janngo Capital Startup Fund.

Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, highlighted that this infusion of capital will notably benefit innovative tech startups across Africa, particularly in Francophone countries, and those spearheaded by women entrepreneurs.

The Janngo Capital Startup Fund, with a total fund size of €60 million, sets its sights on supporting over 25 startups throughout Francophone Africa, including Tunisia.

Its primary focus lies in nurturing early-stage tech and tech-enabled ventures that enhance Africans' access to vital services such as healthcare, financial resources, and education.

Moreover, it seeks to facilitate improved market access and capital availability for African startups.

Backed by influential entities like Caisse des Dépôts et Consignations (CDC), the World Bank, and several other investors including KFW, European Investment Bank (EIB), Proparco, and Africa Development Bank (AfDB), the fund also benefits from a €10 million first loss mechanism courtesy of the European Commission through the Boost Africa initiative.

Managed by Smart Capital, a company authorized by the Financial Market Council (CMF) and entrusted by the Tunisian government to spearhead its national Startup Tunisia program, the Janngo Capital Startup Fund is poised to make significant strides in advancing gender equality and technological innovation across the African continent.

Source: Edge Middle East

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