African VC Janngo Surpasses Funding Target with $78M

Fatoumata Bâ, Janngo Founder & Executive Chair

African venture capital firm Janngo Capital has achieved a €73 million ($78 million) final close for its second fund, surpassing its original €60 million goal by 20%. Initially, Janngo raised €34 million in 2022, drawing prominent backers like the African Development Bank Group (AfDB) and the European Investment Bank (EIB). Both returned for the final close, joined by other notable investors, including the Mastercard Foundation Africa Growth Fund, Tunisian ANAVA fund, Ashesi University’s endowment fund, and international supporters such as the U.S. International Development Finance Corporation (DFC) and the International Finance Corporation (IFC) from the World Bank.

Key development finance institutions, like the DFC and IFC, play a crucial role in strengthening Africa’s startup landscape by backing local funds that fuel early- and growth-stage startups. Janngo Capital’s founder, Fatoumata Bâ, emphasized that attracting African limited partners is a vital signal for international investors, particularly as African startups secure only 1%-2% of global venture funding despite rapid growth. Bâ notes that while Africa accounts for 17% of the world’s population, it lags in venture funding, raising $4 billion-$5 billion annually, up from $150 million ten years ago.

Janngo Capital prioritizes gender equity in its investments, with 56% of its portfolio comprising women-led startups, including Nigeria’s Sabi, a B2B e-commerce platform with a female CEO.

Source: Tage Kene-Okafor / TechCrunch