African Venture Capital Firm Janngo Capital Closes Second Fund at €73 Million
Janngo Capital, an African venture capital firm, has successfully closed its second fund at €73 million, exceeding its initial target of €60 million by 20%. The firm announced the first close of the fund at €34 million in 2022, with key limited partners such as the African Development Bank Group (AfDB) and the European Investment Bank (EIB) participating.
Founder Fatoumata Bâ shared that both anchor investors continued their support in the second close, alongside other institutional investors. Three of these investors have a specific focus on Africa: the Mastercard Foundation Africa Growth Fund, Tunisian fund of funds ANAVA, and the endowment fund of Ghana-based university Ashesi University. Additionally, the U.S. International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC) also invested in the fund.
Development finance institutions like the DFC and IFC play a crucial role in supporting Africa’s startup ecosystem by investing in local funds. Janngo’s efforts to attract local capital aim to signal confidence to foreign investors, as local institutional investors are often hesitant to participate.
With a strong emphasis on gender equality, Janngo Capital has prioritized investing in startups founded or led by women. Currently, 56% of the firm’s portfolio across both funds consists of such companies, including Nigerian B2B e-commerce platform Sabi, which has a female CEO.
Janngo Capital’s investment thesis remains focused on supporting diverse founders and sectors beyond fintech. The firm plans to invest in an additional 10 to 15 companies over the next five years, bringing its portfolio to between 25 and 40 companies. Janngo Capital’s second fund will continue to focus on seed to Series B investments, with the firm typically taking 15% to 30% ownership in startups.
Since its inception in 2018, Janngo Capital has made over 30 investments in 21 startups, with notable successes such as Expensya and Sabi. Expensya’s recent exit to Swedish software company Medius for approximately $120 million showcases Janngo Capital’s conviction-led investing approach.
Janngo Capital invests in a range of sectors including healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy, providing funding from €50,000 to €5 million. The firm has offices in Abidjan, Mauritius, Tunis, and Paris, further solidifying its presence in key African and European markets.
