The Janngo Funding Startup Fund (JCSF) announced its first closing on the eve of the 77th session of the UN General Assembly with capital commitments totaling EUR34 million (about US$36 million) (UNGA).
In order to accelerate development and accomplish the SDGs in Africa, the fund management organization plans to invest about US$63 million (nearly EUR60 million), supported by significant private enterprises and international financial institutions, in startups.
The Janngo Capital Startup Fund, the second investment vehicle of the management company, will provide up to EUR5 million in seed and growth investments to early-stage tech and tech-enabled startups that help Africans better access necessities like healthcare, education, and financial services, help African SMEs better access the market and capital, or create substantial, sustainable employment with a focus on women and youth.
“It is a pleasure for us to oversee the largest gender-balanced tech VC fund in Africa, and we are grateful that renowned international investors believe in our aim to help entrepreneurs become digital champions across Africa. As stated by Fatoumata Bâ, Founder & Executive Chair of Janngo Capital, “We have developed a strong track record in the region with investments in 11 tech and tech-enabled enterprises, including the soonicorn Sabi, Expensya, and Jexport.”
“Africa’s economies are among the fastest-growing in the world, and its population is youthful and growing. We think that through promoting innovation and entrepreneurship, we can improve its standard of living and advance its social development. Ambroise Fayolle, vice president of the European Investment Bank, said, “As part of our Boost Africa Initiative, we are pleased to collaborate once more with Janngo Capital Startup Fund.”
The newest Janngo Capital fund will allocate 50% of its profits to companies that support, co-found, or were established by women.