Janngo Capital Closes Second Fund at $78M to Back African Startups
TLDR
- Janngo Capital's second fund closes at €73 million, exceeding its €60 million target by 20%
- Led by founder Fatoumata Bâ, Janngo prioritizes female-led ventures with a focus on "gender equal" investment approach
- Janngo aims to support 25-40 startups in the next five years, emphasizing successful investments in companies like Expensya and Sabi
Janngo Capital, an African venture capital firm, has closed its second fund at €73 million ($78 million), surpassing its initial €60 million target by 20%.
The VC firm attracted support from anchor investors African Development Bank (AfDB) and European Investment Bank (EIB), along with new backers such as the Mastercard Foundation Africa Growth Fund, Tunisian ANAVA fund, and Ghana’s Ashesi University endowment fund. U.S. and World Bank arms DFC and IFC also contributed.
Aiming to support 25–40 startups over the next five years, Janngo prioritizes female-led ventures, aligning with its “gender equal” investment approach. Janngo has already invested in 21 startups, including Expensya, which recently exited in a ~$120 million acquisition, and Sabi, achieving $1 billion in annual gross merchandise volume.
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Key Takeaways
Janngo’s success reflects rising investor confidence in Africa’s startup ecosystem, where local VC funding remains limited. Bâ emphasized Africa’s underrepresentation in global VC funding, calling for proportional access to drive economic growth. By backing diverse, high-impact startups, Janngo aims to demonstrate the region’s potential. Janngo’s investment thesis includes early-stage to Series B funding across sectors like healthcare, logistics, and financial services, with plans for additional investments supported by this latest fund’s close. The firm’s early exits highlight Janngo’s approach, providing liquidity sooner than some peers, a significant advantage amid challenging global VC conditions.
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