Janngo Capital receives an investment approval of $12 million for its start-up fund
The African Development Bank (AfDB) has announced the approval of $12 million in investment funds to support African tech entrepreneurs through the Janngo Start-Up Fund.
Janngo Capital manages the Janngo Start-Up Fund, which develops, grows, and invests in technology start-ups with proven business models and a positive social impact. Its primary focus areas are agribusiness, financial services, energy, education, and healthcare in Francophone West Africa.
The Fund is intended to improve Africans’ quality of life by implementing technology-enabled business models for small and medium-sized businesses that address the needs of underserved people.
The Bank’s support for the Janngo Start-Up Fund aligns with its jobs for youth strategy and commitment to private-sector-led growth and entrepreneurship in African countries.
According to Stefan Nalletamby, the Bank’s Director for Financial Sector Development, the Janngo Fund may aid in the transformation of a traditional company ecosystem into a dynamic, youth-driven, and technology-focused entrepreneurial community.
“Africa is experiencing rapid mobile adoption thanks to Android and other platforms.” This opens up a plethora of opportunities for the development of innovative and high-growth start-ups and SMEs. “However, risk capital for the new and emerging first generation of venture capital funds targeting early-stage enterprises is scarce,” Nalletamby explained.
The African Development Bank made a $7.9 million contribution, while the European Union and the Organization of African, Caribbean, and Pacific States each made a $3.9 million contribution.
