Janngo Capital Closes €73M Fund, Bolsters Africa’s Startup Ecosystem

African venture capital firm Janngo Capital has successfully closed its second fund at €73 million ($78 million), exceeding its initial target of €60 million ($63 million).

The fund’s first close, which raised €34 million in 2022, secured significant backing from prominent institutional investors such as the African Development Bank Group (AfDB) and the European Investment Bank (EIB).

These anchor investors continued their support in the second close, joined by other institutional players including the Mastercard Foundation Africa Growth Fund, Tunisian fund of funds ANAVA, and the Ashesi University endowment fund. Additionally, the U.S. International Development Finance Corporation (DFC) and the World Bank’s International Finance Corporation (IFC) participated in the funding round.

Janngo Capital founder Fatoumata Bâ emphasized the importance of attracting both domestic and international capital to Africa’s burgeoning startup ecosystem. Despite the continent’s significant population and economic potential, it currently receives a disproportionately small share of global venture capital funding. Bâ aims to bridge this gap and foster a more equitable investment landscape.

The firm’s commitment to gender equality is evident in its investment strategy. Over 56% of Janngo Capital’s portfolio companies are founded or led by women, such as Nigerian B2B e-commerce platform Sabi. This focus on female entrepreneurship aligns with the firm’s mission to empower women and drive innovation across Africa.
With the successful closing of its second fund, Janngo Capital is well-positioned to continue supporting high-potential African startups and contributing to the continent’s economic growth.