AFRICA – Janngo Capital Startup Fund (JCSF), a venture capital fund managed by Janngo, has announced its first close at €34 million (US$33.98m) in capital commitments, to invest 50% of its proceeds in companies founded, co-founded, or benefiting women.

Backed by global financial institutions as well as leading private corporations, the fund management company plans to invest €60 million (US$59.96m) in startups leveraging technology to leapfrog development and achieve SDGs in Africa.

Janngo Capital Startup Fund, the second investment vehicle of the management company, will provide up to €5 million (US$5m) in seed and growth investments to early-stage tech and tech-enabled startups that enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, or enable African SMEs to improve their access to market & capital or create sustainable jobs at scale, with a focus on women & youth.

“We are proud to lead Africa’s largest gender equal tech VC fund and see major global investors rally around our vision to back entrepreneurs building digital champions across Africa. We have built a strong track record in the region through our first fund with investments in 11 tech & tech-enabled startups, including the soonicorn Sabi, Expensya or Jexport,” Fatoumata Bâ, Founder and Executive Chair, Janngo Capital said.

“Our current portfolio companies are 56% women-led, 54% francophone and provide strong evidence of how these technology champions can positively contribute in solving key market failures and creating jobs in healthcare, logistics, financial services, retail, food & Agri, mobility or the creative industry.

“Janngo Capital Startup Fund will play a critical role in improving access to early-stage capital for tech entrepreneurs in a more equal way, on a continent still attracting less than 2% of the global VC fund.”

Janngo Capital Startup Fund is backed by first-class investors with an equal number of development finance institutions & leading commercial private investors, including European Investment Bank (EIB), African Development Bank (AfDB), Boost Africa, Proparco, Burda Principal Investments (BPI), Muller Medien and an ex-KKR Partner & Private Equity veteran with a strong experience in emerging markets.

Women in Africa are the most entrepreneurial in the entire world with a total entrepreneurship activity rate of 26%. Yet, they face a US$42 billion funding gap and have very limited access to growth capital.

As one of the very few female-founded, female-owned, and female-led fund management companies in Africa, Janngo Capital has made a strong commitment to gender equality as it will invest 50% of its proceeds in companies founded, co-founded, or benefiting women.

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