Janngo Capital announced the successful final closing of its second venture capital fund, securing a total of $78 million. This achievement positions Janngo Capital as Africa's leading venture capital firm focused on promoting gender equality within the tech sector. With investments spanning 21 startups, the fund is set to accelerate the growth of technology-driven companies led by women across the continent.

Fundraising Success

The $78 million fundraising initiative exceeded its initial target by 20%, showcasing the robust confidence of both financial institutions and private investors in Janngo Capital's management team. Since its inception, the company has made approximately thirty investments, including a successful exit from the fintech company Expensya, yielding an impressive average internal rate of return (IRR) of 48%. This substantial backing signals a strong belief in Janngo's strategy of generating solid financial returns while creating significant social impact.

Janngo Capital's diverse investor base includes prominent institutional and private investors such as the Mastercard Foundation Africa Growth Fund, the U.S. International Development Finance Corporation (DFC), and the International Finance Corporation (IFC). The participation of such reputable entities underscores the importance of investment in gender-focused initiatives across Africa.

Commitment to Gender Equality

Fatoumata Bâ, the founder and CEO of Janngo Capital, expressed pride in reaching this fundraising milestone, highlighting the importance of maintaining a balanced mix of high-caliber investors from both Africa and around the globe. She stated, “This is a strong signal of trust in the African tech ecosystem and its solid growth prospects. We remain committed to supporting African champions who leverage technology to accelerate development more equitably.”

The Janngo Capital Start-up Fund aims to invest up to €5 million in technology startups that facilitate access to essential goods and services for Africans, enhance market access for small and medium-sized enterprises (SMEs), and create sustainable job opportunities, particularly for women and youth.

Strategic Partnerships

The fund's institutional backers reiterated their commitment to gender equity by participating in this final closing. Notably, the European Investment Bank (EIB) emphasized the need to empower women entrepreneurs to unlock Africa's potential. Ambroise Fayolle, Vice-President of the EIB, remarked that supporting venture capital investments through the Janngo Capital Start-up Fund will allow women-led businesses to thrive and innovate, ultimately contributing to economic growth and resilience on the continent.

Additionally, the African Development Bank (AfDB), the DFC, and the IFC all stressed the significance of this initiative in fostering an inclusive investment environment that supports female entrepreneurs in Africa. The fund’s strategy is particularly focused on low-income countries and those in post-conflict situations, directing at least 50% of its investments toward women-led enterprises.

Focus on Impact and Growth

Janngo Capital’s investment philosophy is rooted in both strong financial performance and tangible social impact. The fund aims to direct 80% of its investments into low-income or post-conflict countries, reinforcing its commitment to promoting gender equality and economic inclusivity.

As a female-founded and led venture capital firm, Janngo Capital is unique in its dedication to achieving gender balance in its investment portfolio. Since its commitment at the 2020 World Economic Forum in Davos to invest up to 50% in women-founded or co-founded businesses, Janngo has achieved remarkable progress. Currently, 56% of its portfolio companies are led by women, and 91% adhere to the 2X criteria, which aim to increase economic opportunities for women.

Track Record of Success

Over the past six years, Janngo Capital has built a diverse portfolio that includes over 30 investments across 14 countries, generating billions of dollars in transactions annually while creating more than 20,000 jobs. A notable highlight includes Sabi, a Nigerian startup led by a woman, recognized among Fast Company’s most innovative companies globally. With exponential growth in recent years, Sabi serves over 250,000 customers and boasts significant revenue growth.

Furthermore, Janngo Capital has achieved successful exits, including the notable sale of Expensya to Medius, a leader in CFO-as-a-Service solutions, marking one of the largest transactions in the MENA region. Expensya has significantly increased its recurring revenue and expanded its workforce, reinforcing Janngo Capital's reputation as a pioneer in the African venture capital space.

The closing of Janngo Capital's $78 million fund marks a significant milestone in the journey towards gender equity in Africa’s tech landscape. By investing in women-led startups and emphasizing social impact alongside financial returns, Janngo Capital is set to play a crucial role in shaping a more inclusive and prosperous future for the continent. With strong backing from key institutional investors and a proven track record of success, Janngo Capital is poised to lead the charge in fostering gender equality through technological innovation and entrepreneurship in Africa.